Member of Parliament for the Cities of London & Westminster, Nickie Aiken, welcomed measures taken by the Chancellor to support the UK economy in the budget today. Nickie gave the following speech in the House welcoming them during the final day of the Budget debate.
Thank you, Madam Deputy Speaker.
There is so much to welcome in this budget, which will benefit the businesses and individuals across the Cities of London and Westminster.
The extension of the furlough until the end of September.
A host of restart grants with an extra five billion pounds, and the new recovery loans to replace our existing loan scheme.
700 million pounds for arts, culture, and sports to reopen safely.
Making a further 600,000 self-employed people eligible for COVID related financial support.
The extension of 5% VAT cut, the hospitality industry for a further six months. And the extension of the hundred percent business rates holiday for further three months until June.
I would like to take this opportunity also, to congratulate the Corporation of London for announcing its own 50 million pound COVID Business Recovery Fund. Which will be made available to City-based small and independent businesses in certain sectors to support a return to work.
Madam Speaker, central London is likely to see a very slow recovery and one that takes several years to reach pan, sorry, pre-pandemic levels. Its economy depends on workers and international visitors, both of whom will be slow to a return to the capital.
I hope that government will consider launching a marketing campaign to encourage workers to return to their offices in the Spring. From the conversations I have had with local employers, most did not expect to see their staff back until the Autumn.
This could be difficult for the hospitality and retail sectors. As they begin to pay rates and rents from July. We also need a robust transport system which commuters are confident to use again. And I hope the Mayor of London will work constructively, with the government, to ensure that this is the case.
I wholeheartedly welcome the Chancellor's announcement to amend UK listing rules, making the UK a more attractive location for IPOs and then introducing improvements to tech visas to attract global talent and boost the FinTech workforce, both of which were recommendations in the Kalifa Review on the FinTech sector.
Which today is worth 110 billion pounds to the UK economy and set to go to 380 billion by 2030. We currently have 10% global market share. And I believe with government support, we can build on our technology talent. COVID has been a game changer for FinTech, and I do believe that six million people, 10 percent of the population, downloaded a banking app, for first time last April, the first month of lockdown.
We have seen digital transactions and interactions of both business and individuals grow hugely. And I hope we will see more of Kalifa's recommendations introduced including a Centre for Finance, Innovation and Technology, to strengthen our national FinTech coordination.
I thank the Chancellor for a long list of progressive and sensible policies announced in this investment recovery budget, making UK the best place in the world for high growth, innovation, innovative companies bringing strong job growth across the country.
You can watch Nickie's speech in full above.
