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City of London Corporation Responds to General Election Results

  • July 6, 2024
  • 2 min read
City of London Corporation Responds to General Election Results

In response to the General Election outcome, City of London Corporation Policy Chairman Chris Hayward emphasised the critical role of financial and professional services in the UK economy, stating:

“Financial and professional services are 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.”

Hayward further expressed the City Corporation’s commitment to collaborating with the new government:

“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.”

He highlighted the potential for significant economic growth through strategic reforms:

“Whether it’s 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.”

Hayward also stressed the importance of private sector finance in achieving Labour’s clean energy ambitions:

“To realize 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.”

He concluded with a reaffirmation of the City Corporation’s commitment to Labour’s objectives:

“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.”

For more information, visit cityoflondon.gov.uk.

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