Voice from Westminster

NEIL COYLE MP

UK business leaders

recently held the Confederation for British Industry’s annual conference and were addressed by both leaders of the two major political parties.

I am proud to have a new Labour leader in Sir Keir Starmer who provided a serious plan to address Britain’s productivity puzzle and support business and industry through the twin challenges of Brexit and Covid. Boris Johnson appeared to give a Trip Adviser review for Peppa Pig World, and delivered that badly. Johnson’s disrespectful and ill-prepared performance was a shambles and a reminder of his famous ‘f*ck business’ reference before his Brexit deal did that to many Southwark firms which had previously traded freely in Northern Ireland and with other European neighbours.

Keir Starmer showed grasp and leadership, using his speech to set out how Labour is the business friendliest party and what we would do in power to improve the country for employers and employees alike. I know from businesses in Southwark that the Prime Minister’s half-baked Brexit deal has made it more difficult to operate. Johnson had no plan beyond exiting and now blames others for his irresponsible downgrade deal. Labour is offering to find an agreement with the EU on mutual recognition of products, meaning producers no longer have to complete two sets of tests for both the UK and the EU. Crucially for London, Labour would also seek regulatory equivalence for financial services - a sector wholly overlooked by Johnson’s dire team. Labour’s promised overhaul of business rates and use of public sector commissioning and procurement to advantage local SMEs in the ‘buy British’ plans, and our commitments benefitting UK business are building up nicely.

London has also been let down in the Chancellor’s budget. London’s economy represents 23% of the country’s GDP and we were contributing £39 billion NET to the Treasury before the pandemic. For every £1 invested in London Underground, 55p is paid to workforces outside the capital, yet the budget announced no new investment. Levelling up is meaningless waffle if London is ignored, but when the capital does well the whole country benefits. There are just days left for the Government to agree a long-term support plan for TfL. Every major capital across the globe has central Government funding except London and Ministers should stop playing political games with our recovery. Without an intervention we will see lengthy delays for the Bakerloo Line extension; escalators at Elephant and Castle station held back; and the possible closure of the Rotherhithe Tunnel on top of cuts to tube and bus services across London.

Labour in Southwark is mitigating some of the harm and neglect London faces from Johnson. Southwark Council has announced the launch of a new ‘Business Resilience Support Service’ to offer access to fully funded support, including one-to-one advice with experienced business advisers, and grants up to £5,000. Please check for updates on this service at:

www.southwark.gov.uk/business/ business-rates/covid-19-businesssupport-and-information

London has also been let down in the Chancellor’s budget. London’s economy represents 23% of the “ country’s GDP and we were contributing £39 billion

NET to the Treasury before the pandemic.”