Budget 2011: TheCityUK statement in response to the budget

23 March 2011

Chris Cummings, CEO, TheCityUK

“The Budget provided an important platform for the Chancellor to demonstrate his commitment to help Britain's economy move towards recovery, via enduring growth and by securing jobs for the future. In helping British business today, the Chancellor's aim of demonstrating that 'Britain is open for business' can be realised and equip UK businesses to be more competitive on a global stage.

The Chancellor's renewed commitment to ensure the UK's place as a leading centre for financial services is critical to helping Britain increase its competitiveness within the global economy and continue to make the UK more attractive as a destination to do business.

I welcome the Chancellor's comments acknowledging the key role of financial services in his 'Plan for Growth'. A thriving financial services sector supports the Chancellor's vision of a 'March of the makers' by provides private sector growth opportunities across every sector of Britain's economy and the necessary capital, equity and associated products and services to fuel that expansion. In addition, the introduction of a trusted employer visa will help create opportunities for job and skills development in order for the UK to become a destination for world class talent.

In our budget submission, TheCityUK had called for a predictable and internationally competitive tax and regulatory system – the Chancellor has committed to these.

A fair, consistent and transparent long-term roadmap for the tax system will allow entrepreneurs, businesses and employees to have confidence in their future plans in the UK. The Government's announcement of regulation and tax simplification, notably to ensure corporation tax becomes the lowest in the G7 will have a positive impact on business confidence, support growth and make the UK more competitive.

Companies looking to develop their global operations look for future stability and predictability to run their business - measures announced today will ensure the UK maintains a leading position against other financial hubs around the world. This will provide the impetus to drive forward investment in innovation, which in turn leads to growth and jobs generation.

In pledging to make Britain the home of enterprise over any other destination in the world and provide the best conditions to start, grow and finance business, the Chancellor has given a boost to generating export-led growth and to improving the underlying economic health of the UK.”

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