TheCityUK Spring Budget 2024 Submission

14 February 2024

Ahead of the Chancellor’s Spring Budget, TheCityUK has published its submission, detailing a set of proposals that our industry believes would help the economy overcome its current challenges.

We appreciate that some of the recommendations we have made will take some months to be fully implemented and for the wider benefits to be felt. However, there are several areas we would highlight as priorities for immediate action:

  • The need for a single point of government engagement for high-growth potential companies considering listing on UK exchanges, ensuring strategic and coordinated support across government and involving the FCA for a coordinated approach.
  • A review of the uncompetitive overall effective tax rate on banks and phasing out of the bank levy to enhance the UK’s international competitiveness.
  • Removal of stamp duty on trading to incentivise greater UK institutional and retail investment into UK equities.
  • Implementation of the recommendations from Lord Harrington’s review on Foreign Direct Investment, particularly supporting the creation of an Office for Investment ‘concierge service’ to help investors navigate the UK business environment and government departments.
  • Creation of a specific government unit focused on net zero planning and delivery, committed to coordinating regulation, addressing bottlenecks, and ensuring policy and delivery alignment across departments for efficient project execution.

To read the full submission, click here.