Nickie Aiken, Member of Parliament for the Cities of London & Westminster, welcomed the Chancellor's Autumn Statement which outlined long-term decisions to drive economic growth and strengthen our economy.
Commenting on what it means for the Two Cities, Nickie explained,
"I've just left the House of Commons Chamber where I listened to the Chancellor of the Exchequer, Jeremy Hunt, make his Autumn Statement. It was clear that the Government is concentrating on growing the economy, improving the country's productivity, getting a grip of borrowing and reducing the country's debt. Over £20 billion of tax cuts were announced, the largest announced in a fiscal event in over 40 years.
"The big takeaway for me was the 2% reduction in National Insurance Contributions, which will make, I'm sure, a lot of people happy in the Cities of London and Westminster. Also, the freezing of the business rates multiplier, which will make a real difference, particularly for retail and hospitality businesses which are the heartbeat of the Two Cities.
"Also a big mention for the Alexander Fleming Centre in Paddington, £5 million to help launch the centre, which is going to be really important for the life sciences industry. So lots to digest in the book over the coming days, but I am really delighted with what the Chancellor announced in the Autumn Statement for the Two Cities today."
