London's primary rivals are global capital cities, not other UK cities, and its success is essential for jobs and public service funding across the entire country, according to Karim Fatehi, CEO of the London Chamber of Commerce and Industry.
Fatehi stated that a competitive capital city, which secures international investment and attracts top talent, drives growth nationwide. He highlighted that if London misses out on investment, it typically goes to global hubs such as Paris, Frankfurt, Dubai, or Singapore, rather than other UK towns or cities.
He urged the Prime Minister and Chancellor to implement measures to reduce business costs, support small and medium-sized enterprises (SMEs), and back infrastructure projects. Suggested actions include a new deal with the EU, restoring VAT-free shopping, and designating King's Cross as an AI Investment Zone. Fatehi also called for airport expansion at Heathrow, Gatwick, and Luton, and support for transport projects like the Bakerloo line extension and Crossrail 2.
Fatehi emphasised that London and the South East contribute significantly to the UK's income tax bill, with London businesses paying a substantial portion of England's business rates. He concluded that when London succeeds, the whole country benefits, making it a national mission to enhance the capital's attractiveness for investment and talent.