Tuesday 10 May 2022

Richard Burge, Chief Executive of the London Chamber of Commerce and Industry, said:

"The Queen’s Speech offers a glimmer of hope for businesses and the Capital at a challenging economic moment, but now is the time for execution – the government must deliver at pace, focusing on getting legislation aimed at supporting businesses through the House swiftly.

"In particular, we welcome the dedicated help for SMEs, the lifeblood of our economy, which is outlined in the proposed bills on procurement, data reform and Brexit freedoms which will aid their growth and business development significantly. Similarly, the establishment of a UK Infrastructure Bank will ensure the future prosperity and longevity of significant projects that will enable the country to level up sustainably and effectively.

"We are also pleased by the suggested legislation on economic crime and corporate transparency, having called for the UK government to crack down on the abuse of London and the UK’s openness by Putin’s allies, enablers and cronies. Greater control and transparency on foreign assets in London will ensure we maintain our reputation as a secure, trustworthy and lawful society.

"Unfortunately we were disappointed not to see more announced to address the rising cost of living and the rising costs for businesses. The government must ensure that businesses are not crushed by rising inflation and higher energy costs, just as they recover their footing after the pandemic."

ENDS