Responding to the General Election result, City of London Corporation Policy Chairman Chris Hayward said:
“Financial and professional services is the engine room of the UK economy, supporting people at every stage of their life. The sector must be at the forefront of Labour’s plans to drive growth. Employing over 2.4 million people – two-thirds of whom are outside London – the industry now contributes over £110 billion in taxes annually – more than the Government’s annual education budget.
“The City Corporation works with any elected government, but we look forward to working with Sir Keir Starmer’s Government to deliver on Labour’s five missions. The City Corporation stands ready to support the Government in delivering on the important issues that matter: from boosting economic growth, creating more high-skilled jobs, and funding for public services, to tackling the climate crisis.
“Whether its raising investment levels, anchoring the UK as a leader in sustainable finance, or making the UK a digital-first economy, our Vision for Economic Growth suggests reforms that could unlock up to £225 billion of investment right across the UK.
“To realise Labour’s bold ambition to make Britain a clean energy superpower, private sector finance must play a central role. Working together, public and private partnerships must seize this historic opportunity to transition to net zero, creating new high-skilled jobs, cutting energy costs for families, and securing our nation’s green energy supply.
“Our work is diverse and wide ranging across Labour’s five missions, from raising investment levels to delivering high-quality services, boosting young people’s social mobility, and managing key assets for the good of the nation.
“Working together, the City Corporation and the Government can, and will, deliver high-skilled jobs, opportunities, and economic growth right across the country.”
ENDS
Notes for Editors:
About the City of London Corporation:
The City of London Corporation is the governing body of the Square Mile, dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally successful UK. www.cityoflondon.gov.uk.
The City Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London, within a globally successful UK.
The organisation has a unique role in being the local authority for the City of London, as well as promoting the UK financial and professional services industry at home and abroad, through international visits to key global markets by its Lord Mayor and its Policy Chairman.
Its Destination City programme has set out a vision to make the Square Mile a world-leading leisure destination, and the organisation is one of the largest funders of heritage and cultural activities in the UK, investing over £130m every year. It manages and supports a range of world-class cultural and heritage institutions for the public good, including the Barbican Centre, Tower Bridge, Guildhall School of Music & Drama, Guildhall Art Gallery, and London Metropolitan Archives.
Through its Family of Schools, careers festivals, and skills programmes, the City Corporation helps to boost the education, skills and life-long learning for people of all ages.
It runs some of the country’s best public services, protecting 11,000 acres of green space, such as Epping Forest and Hampstead Heath, providing social housing on 12 estates across the capital, managing wholesale markets, and acting as the London Port Health Authority and the Animal Health Authority for Greater London.
The City Corporation plays a leading role in maintaining the Square Mile as the safest business district in the world through its Police Authority Board, which supports and scrutinises the work of the City of London Police, the National Lead Force for Fraud, and the National Police Chiefs’ Council (NPCC) lead for economic, cyber and business crime. It also owns and manages the Central Criminal Court (Old Bailey), where some of the highest profile criminal trials in England and Wales are held.
It is the sole trustee of the City Bridge Foundation – which maintains five iconic London bridges, and awards charity grants of over £30 million a year to tackle disadvantage across the capital – and it has also made an extra £200 million available over five years from 2021 to 2026 to support London’s charity sector. The City Corporation also supports the City’s Livery Companies, which through their work on trade, skills, and education, contribute over £75m each year to charity.