Member Article

Brexit: London businesses call for infrastructure spending and devolution

More spending on housing and transport has been identified as the most important factor keeping London’s economy ticking over in the run up to Brexit negotiations, according to a survey of 500 of the capital’s businesses.

According to the survey, which was carried out by ComRes on behalf of the London Chamber of Commerce and Industry, 82% of respondents said more projects like Crossrail and the night tube were crucial to safeguarding London’s economy.

In a vindication for the Mayor’s devolution agenda, the survey also found that 56% of those surveyed believed that increased devolution of tax and spending powers was similarly important to protect the city’s economic interests following the EU referendum.

Chief Executive of London Chamber of Commerce and Industry Colin Stanbridge said that the Brexit environment should not be a period of ‘excuses and inaction’, and that policymakers had to take the initiative to maintain the UK’s economic growth.

He 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.”