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LCCI responds to Chancellor's Budget statement

Wednesday 22 November 2017

LCCI responds to Chancellor's Budget statement

Commenting on Phillip Hammond's budget announcements today, Colin Stanbridge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said: "There are elements in this budget to be welcomed and much which reflects the calls of LCCI in the run up to the budget.

“In particular, the Government appears to have listened to business concerns on business rates, accepting the recommendations from Chambers of Commerce to bring forward change from RPI to CPI by two years to April 2018 with future rating revaluation to take place every three years not five,

“Important announcements were also made in regard to addressing the housing crisis.

“LCCI has long said that a lack of affordable housing is one of the biggest barriers to recruiting and retaining staff and the help announced today to the SME housebuilding sector with £34m on construction skills will go some way to addressing that.

“The Chancellor also said that HRA borrowing caps can be lifted in areas with a high demand. We believe that this encompasses all of London and as our recommendation ahead of the budget, we would now like to see councils borrow more to build and have a real impact on the crisis.

“It is also welcome to see the disparity in house prices acknowledged with the stamp duty abolishment for first time buyers extended to properties valued up to £500,000 in London.

“Finally LCCI welcomes the extra £20m for further education colleges to help them prepare for T Levels as well as extra training for maths teachers.

“Overall we have to be pleased with the direction of travel, the acknowledgement that serious strides have to be made in addressing the housing crisis and the signs that the Government is listening to and acting on business advice and concerns.”

ENDS

Media contact
Katharine Barney
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: kbarney@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