Budgeting on UK growth

Today's Budget provided an important platform for the Chancellor to demonstrate his commitment to helping Britain's economy move towards recovery, via enduring growth and securing jobs for the future. In our Budget submission, TheCityUK had called for a predictable and internationally competitive tax and regulatory system - the Chancellor has committed to these.

The Chancellor's renewed commitment to ensuring the UK's place as a leading centre for financial services is critical to helping Britain increase its competitiveness within the global economy and continue to make the UK more attractive as a destination to do business. I welcome the Chancellor's comments acknowledging the key role of financial services in his 'Plan for Growth', and the importance he places on the UK being the best financial centre in Europe.

A thriving financial services sector provides growth opportunities across every sector of Britain's economy. This intention, outlined by the Chancellor, will create opportunities for job and skills development, as well as equipping UK businesses to be more competitive on a global stage.

The Government's announcement of regulation and tax simplification, notably to ensure corporation tax becomes the lowest in the G7, will have a positive impact on business confidence, support growth and make the UK more competitive. Companies looking to develop their global operations look for future stability and predictability to run their business and measures announced today will ensure the UK maintains its leading position against other financial hubs around the world.

A fair, consistent and transparent long-term roadmap for the tax system will allow entrepreneurs, businesses and employees to have confidence in their future plans in the UK. This will provide the impetus to drive forward investment in innovation, which in turn leads to growth and jobs generation. In pledging to make Britain the home of enterprise over any other destination in the world, and to provide the best conditions to start, grow and finance business, the Chancellor has given a boost to generating export-led growth, and to improving the underlying economic health of the UK.