City of London Corporation’s response to the Budget

Chris Hayward, Policy Chairman of the City of London Corporation said: "This budget signals serious intent on behalf of government, with measures to support enterprise and investment. “Against a difficult fiscal backdrop, we understand that the government had to take some tough decisions. It's important that the rise in bank taxation is time-limited – it must end as scheduled. Firms now need a strategic tax roadmap to provide certainty and confidence to business and international investors. “More broadly, we welcome measures to encourage business investment, including leaving the main rate of Capital Gains Tax untouched; and providing £20 billion for the British Business Bank and National Wealth Fund, which will help to crowd in private capital for important infrastructure projects and UK growth firms, including a new focus on defence, worth up to £5 billion.” “Accelerating both planning reforms and grid connectivity for data centres will contribute to rising productivity and living standards. The Chancellor could have gone further, by removing stamp duty taxes on UK shares so companies want to invest, grow and list here, reinforcing the City of London as a leading global financial

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