Backing London Business

Backing London Business

Our capital is the economic engine room of the nation. London and Londoners contribute around £90 billion to the British exchequer each year and generate 17% of the UK's GDP. At the core of this performance is London's business community. In particular, our famous financial services sector employs hundreds of thousands of the brightest and best minds from around the world, themselves drawn here by London's dynamism and prosperity.

But this success is not just powered from the glittering citadels in the square mile and the large multinationals based there; it has also been driven by London's growing creative industries, its small and medium enterprises and sole traders. The millions of people who work in business here have all, in one way or another, contributed to London's phenomenal success.

We must not be complacent; the fortunes of great cities rise and fall, and their success must be nurtured diligently. Observers are warning that business confidence in London has fallen to an all-time low. London's businesses are now facing massive economic uncertainty. As consumers get nervous and borrowing becomes more expensive, economic growth is slowing.

However, an economic slowdown is not the only challenge facing London's economy. Even before the credit crunch hit, the capital's economy was showing some signs of wear and tear; London recently lost its lead as the most entrepreneurial region in the UK, and under Ken Livingstone's Mayoralty the number of new businesses registered each year has fallen.

As the cost of living and working in London has escalated over the last decade, so the financial burden on business has grown. To add to this, a decade of Labour Government has meant a major increase in taxation as well as a raft of new regulations. The result of this is that people are increasingly disinclined to start their own enterprise, and existing small businesses are finding it harder to grow - all of which diminishes London's economic potential.

Moreover the historic success of London's businesses has not resulted in prosperity across the city - indeed the capital has the highest child poverty rate in the UK, and contains four of the eight most deprived local authority areas in the country. The ability of politicians to address these social inequalities largely depends on the growth and strength of London's economy.

In these circumstances it is essential that the Mayor takes a positive lead and ensures the best possible conditions for London businesses - large and small.

From an international perspective, that means ensuring that the City of London remains the most attractive and competitive location for larger businesses to base their offices. We must never forget that most can just as easily conduct their operations from New York, Shanghai, Dubai or Mumbai - and we must keep striving to be the best.

A major reason for the City's appeal as a place to do business is an attractive regulatory and taxation regime. It is essential that we continue to resist unnecessary regulation and over-taxation that would drive business and investors elsewhere. I am acutely aware of this threat, and if elected will use every strand of Mayoral power to fight against Labour Government over-regulation and over-taxation.

Of course, drawing business to London is about more than promising profit margins, it's about appealing to people. If we are to continue to attract some of the brightest people and the most profitable businesses from around the planet, we must make sure this city is a welcoming and hospitable place; that the infrastructure is efficient and the urban environment attractive. We must continually promote the fact that London is a pre-eminent cultural centre and a dynamic and vibrant place to be. Above all we must tackle the scourge of violent crime that is fast tarnishing London's reputation.

The Mayor must also stand up for London's small businesses, which have suffered terribly over the last decade as a result of Labour Government taxation and over-regulation. If elected I will fight to cut the red tape that is strangling aspiration and ambition, so that our small and medium enterprise (SME) sector can flourish. And I will work to ensure that our infrastructure sets the right conditions for entrepreneurial success - efficient transport, rigorous policing, reasonable rent costs, and so on. SMEs add greatly to London's rich variety and they must be championed.

And the Mayor must create the right conditions for individual success by promoting and providing skills and training, so that Londoners are equipped with the qualifications that employers need. I am determined to defeat the poverty of aspiration that plagues parts of London. When our young people are dispirited and disengaged our whole society suffers. Everyone should be able to participate in the life and economy of our great city, and everyone should enjoy the same opportunities to succeed.

I want to broaden aspirations and tap into latent ambition. First, we need an exciting skills strategy that clearly illustrates to young people how they can invest in a brighter future for themselves. And we must also pay greater attention to encouraging enterprise and entrepreneurialism, particularly
amongst those who are currently underrepresented in London business, which includes women, those from BAME communities, and young people from disadvantaged backgrounds.

As Mayor I will be a champion for all London business. I will defend the City against the onslaught of Labour Government legislation; stand up for small businesses whose livelihood is threatened by giant corporations or the escalating cost of working in London; and help aspirant Londoners gain the skills they need to achieve their ambitions.

I will establish genuine communication channels between City Hall, City business and small businesses, and I will work with London's entrepreneurs and business leaders to keep our capital competitive and improve Londoners' quality of life.

Show your support and join Team Boris

Register your details and get full access along with messages about events, news etc. Just fill your details in below. Items marked with a * are required.