Wednesday 21 September 2016

Infrastructure and housing investment crucial to UK economy in referendum hiatus say most London businesses

More than four in five London businesses say increased investment in infrastructure is important for the UK economy in the period between the referendum and the start of Brexit negotiations according to a new survey by ComRes for London Chamber of Commerce and Industry.

The poll of more than 500 business leaders found that those surveyed agreed that in the current political climate, with formal EU talks not expected to start before the end of the year, increased investment in housing and transport was important for the London economy (82% each).

Increased devolution of tax and spending powers to London had the support of 56%.

Chief Executive of London Chamber of Commerce and Industry Colin Stanbridge said: "This survey confirms what we have been saying consistently - that we need to act now to safeguard the London, and the wider UK economy, by building now for a growing population.

"Major infrastructure projects such as airport expansion in the South-East, Crossrail, the night tube and new fixed river crossings for East London will bring employment and in turn more revenues.

"As well as acting with pace to move major planning applications to the next stage, we urge government to take practical steps such as reviewing the status of poor quality land within the greenbelt to free it up for much needed development.

"The Brexit environment cannot be a period of excuses and inaction. It is a time to drive forward and capitalise on what is already a thriving economy."

ENDS

Media contact
Katharine McGee
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: kmcgee@londonchamber.co.uk

NOTES TO EDITOR:
1. London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
2. Colin Stanbridge, Chief Executive, is available for further comment and interview.
3. ComRes surveyed 504 London business decision makers online between 3rd and 31st August 2016.
Data was weighted to be representative of all London businesses by company size and broad industry sector.
ComRes is a member of the British Polling Council and abides by its rules. Data tables are available at www.comresglobal.com