Chris Hayward, leader of the City of London Corporation, is keen for the Budget to help boost London’s financial district.
The Square Mile employs about 676,000 workers – up more than 25%, external on pre-pandemic levels – and contributes £109bn to the UK economy, about 4-5% of the UK’s gross domestic product (GDP).
According to the Office of National Statistics,, external London as a whole contributed £618 billion in 2023, about 22% of the UK’s GDP.
“If the City of London does well, it will be felt in everybody’s pockets,” said Mr Hayward.
“I am hoping the chancellor will announce measures to stimulate growth and global competitiveness,” he added, having called the sector the “engine room” of the UK.
He also wants to see stamp duty on shares, external removed, and to ensure Chancellor Rachel Reeves does not raise taxes on financial services.
He also stressed the importance of welcoming new technologies and AI – rapidly growing sectors.
