The London Property Alliance has written to Chancellor Jeremy Hunt in a representation regarding the Spring Budget 2023. In the submission, the Alliance maintains that despite strong economic headwinds, there is now a real opportunity for London to play its role in helping the Government deliver sustainable growth and wealth creation for UK plc.
The Alliance recommends focusing on three key areas. Firstly, the need to address regional disparities, and close the productivity gap between London and other British cities. Secondly, to recognise the economic imperative for tourists and workers to return to central London, and for Government to provide long-term financial frameworks, resources and policy flexibility that are needed to enable London to recover fully and rebuild. Finally, for Government and HM Treasury to support central London on the path to Net Zero Carbon, including exempting VAT on retrofit, as well as a dedicated capital grant scheme to support the funding of retrofit measures across residential and commercial buildings.
“The UK economy is facing some of its strongest headwinds for three generations. High inflation with an anaemic, even negative, rates of economic growth are anticipated to persist into 2023. With Covid behind us, there is now an opportunity for London to play its role in helping the Government to deliver sustainable growth and wealth creation for UK plc”.Read the full submission here