Capital 500 Quarterly Economic Survey (2)

Meeting: 
MQT on 2016-10-19
Session date: 
October 19, 2016
Reference: 
2016/3942
Question By: 
Andrew Dismore
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

The London Chamber of Commerce and Industry (LCCI) published the third quarter results of its Capital 500 Quarterly Economic Survey including a conclusion that business confidence indicators continued to deteriorate to Capital 500 record lows and that expectations for both the UK and London economy also remained on a downward trajectory, now for the fifth consecutive quarter, and firmly into negative territory. They say that the forthcoming Autumn Statement provides an opportunity for Government to boost business confidence by moving strategic London transport infrastructure like Crossrail Two or a new runway to "next stage" while targeting public sector investment to attract private finances to support future infrastructure projects. Do you agree with these conclusions?

Answer

Answer for Capital 500 Quarterly Economic Survey (2)

Answer for Capital 500 Quarterly Economic Survey (2)

Answered By: 
The Mayor

I agree with this view. I am working closely with the Government on this topic in particular to highlight how it is essential that the Government makes quick decisions on transport related investments for the UK and the capital. Crossrail 2 and airport extension are the most urgent ones.

Public funding is required for Crossrail 2 to attract private investment. Expansion of airport capacity should be primarily driven by private funding - one of the many reasons why Gatwick is the best solution to this challenge.

The interim report by the London Finance Commission 2 makes it even clearer that a condition of success beyond Government's decisions is to strengthen the capital's fiscal powers.

Capital 500 Quarterly Economic Survey  (3)