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Press Release

The Government's Legislative Programme was unveiled in today's Queen's Speech

03 December 2008

Baroness Jo Valentine, Chief Executive of London First, said:

"Business needs the Government to support economic recovery. The Bills announced today must balance a response to the current climate with the future needs of London as the driver of the UK economy.

Banking Regulation:

"The Government must be very careful about how it introduces any new regulation. There's a difference between light touch and the right touch. As we've seen over the last year, it's not necessarily what is introduced, but how. It is crucial that practitioners are involved in the design of the new measures. Let today signal the start of this close dialogue with the financial sector."

Supplementary business rate:

"Building Crossrail is even more important in the downturn, both to maintain activity now and to build capacity for London's future growth. The Mayor needs new powers to raise a supplementary business rate, applying only to larger premises, part of the business contribution to funding this vital project. I'm pleased to see the necessary Bill included in the legislative programme, though there is certainly an argument for delaying the levy of the supplementary rate during the downturn."



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London First

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