7 May 2010
City of London Corporation’s Policy Chairman, Stuart Fraser,
comments on the General Election result
"When the dust finally settles and the new government is formed
– which I hope will be very quickly - the City looks forward to
working with it as they get down to the day-to-day business of
running this country.
"The City’s most pressing concerns remain unchanged.
As a matter of urgency, we need to establish a global consensus
on the future regulatory landscape, we need to create a predictable
and consistent tax regime, and we need to secure continued
investment in large-scale infrastructure projects, particularly
with regards to transport.
"At a time of significant regulatory change in the EU and the
US, the City will need strong support from the new UK government to
argue its case and make sure London retains its competitiveness. Of
course, when it comes to regulation, one size does not fit all but
regulatory arbitrage is a dangerous prospect and one we would do
well to avoid.
"There is no doubt that the new government has some tough
decisions to make to create a credible plan to reduce the country's
total debt and bring down the annual deficit, within a timeframe
which is acceptable to our creditors and investors across the
world. However, it is imperative that we also reassert a consistent
tax regime that balances global competitiveness with fairness, and
that guarantees there will be no return to retrospective, punitive
taxes such as the recent supertax on bonuses.
"At the same time, infrastructure spending on quality projects,
such as Crossrail, is vital to safeguarding the future prosperity
of London and the UK. We simply cannot afford to stand still while
our rivals are building for the future."
Ends
Press enquiries
Sanjay Odedra, Press Office, City of London Corporation
Tel: 020 7332 1835 / Mobile: 07831 542 856
Email:
sanjay.odedra@cityoflondon.gov.uk