Give London's businesses a break, LCCI urges government

 
Catherine Neilan
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Early Morning Views Over The River Thames
A fixed river crossing in east London would offer the capital's firms some support (Source: Getty)

The government has been urged to help London's businesses by pushing ahead with key infrastructure projects and improving overall engagement.

A study published today by London Chamber of Commerce and Industry (LCCI) suggests the capital's businesses have had a tough 12 months, with rising costs ranging from business rates to the cost of renting space.

Around a quarter of businesses reported an increase in costs due a change in pension auto enrolment regulations (25 per cent), changes in the cost of renting business space in London (24 per cent) or an increase in business rates as a result of the April 2017 revaluation (22 per cent), a ComRes survey of 500 firms on behalf of LCCI found.

As a result, the membership group called on government to give London firms a break.

LCCI chief executive Colin Stanbridge said: “It’s been a tough year for businesses in a whole host of ways. They have had to contend with an increase in business rates, multiple new employment costs as well as rising inflation, a weakening of the pound and rent rises.

“Going into 2018 therefore it vital the government does what in can to help businesses thrive, to fully commit to infrastructure investment such as Crossrail 2 and fixed river crossing in east London and to really engage with business to understand what their needs and priorities are in the coming year.”

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