City of London Corporation Welcomes Budget Growth Measures but Urges Bank Tax Certainty

The City of London Corporation issued its formal response to the government's Budget, with Policy Chairman Chris Hayward welcoming the focus on enterprise and investment as showing "serious intent on behalf of government." The Corporation applauded the £20 billion allocated to the British Business Bank and National Wealth Fund, noting it would help draw in private capital for infrastructure projects, UK growth firms, and a new focus on defence worth up to £5 billion. Planning reforms and improvements to grid connectivity for data centres were also welcomed for their potential to raise productivity and living standards. On bank taxation, the Corporation took a firm line, insisting the rise in bank taxation "must end as scheduled" and calling on the government to produce a strategic tax roadmap to give firms and international investors long-term confidence. The Corporation also called on the Chancellor to go further by removing stamp duty on UK shares, arguing that such a cut would encourage companies to invest, grow and list in the UK. ISA simplification was praised, with the Corporation noting that complexity "can itself be a barrier to participation." The statement also welcomed action to cut red tape for small businesses and signalled the Corporation's readiness to work with the government, the Mayor and London boroughs to examine the detail of fiscal devolution plans.