London financial district

There’s no business like Brexit business

04 April 2017

London’s diverse and vibrant economy provides almost one quarter (23 per cent) of the UK’s overall economic output – around £364 billion. [2]

While some initial nervousness has abated following the Brexit vote, business confidence is precarious and more could be done to combat concerns and minimise any risk to the capital’s competitiveness and attractiveness as a place to do business.

With Article 50 now triggered, the London Assembly Economy Committee publishes its report ‘EU exit and London’s businesses’ today. The report sets out the challenges and opportunities that lie ahead for London’s businesses. It also outlines seven key principles that should shape the Government’s negotiations to support the London economy as we exit the EU. Those principles include:

  • Clarity and stability on the UK’s negotiating position on future trade arrangements.
  • The simplest possible access to the European single market.
  • The need to avoid cliff-edge scenarios and an adequate transition period for businesses.
  • Incorporating the voice of business in the UK’s negotiation stance.

Fiona Twycross AM, Chair of the Economy Committee, said: 

“Businesses in London continue to experience a great deal of uncertainty since the referendum result last June and despite the triggering of Article 50 last week, we are no closer to knowing what the future will be for London’s businesses.

The Economy Committee urges the Mayor to lobby for a guiding set of principles to underpin the Government’s negotiations as we exit the EU. Businesses have expressed the need for the simplest possible access to the European single market and cliff-edge scenarios must be avoided.

It is essential for the UK as a whole that the capital’s economy continues to thrive and the Mayor must ensure that the voice of London’s businesses is clearly heard in developing future trade agreements and regulation.”

Follow us @LondonAssembly and take part in the discussion using #AssemblyEconomy and #EUExit

Notes to editors

  1. ‘EU exit and London’s businesses’ report attached.
  2. GDP and GVA: The size of an economy is measured by looking at the total value of new goods produced and services provided in a given time period – i.e. the total output. This is calculated at a national level using a measure called Gross Domestic Product (GDP). GVA is GDP excluding taxes and subsidies on production (so GVA would not include VAT, for example).
  3. Fiona Twycross AM, Chair of the London Assembly Economy Committee, is available for interview. Please see contact details below.
  4. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

 

For media enquiries, please contact Lisa Lam on 020 7983 4067.  For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officerNon-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.

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