Key information
Publication type: General
Publication date:
Contents
London’s diverse and vibrant economy provides almost one quarter (23 per cent) of the UK’s overall economic output – around £364 billion.
While some initial nervousness has abated following the Brexit vote, business confidence is precarious and more could be done to combat concerns and minimise any risk to the capital’s competitiveness and attractiveness as a place to do business.
With Article 50 now triggered, the Economy Committee has published its report EU exit and London’s businesses. The report sets out the challenges and opportunities that lie ahead for London’s businesses.
Key principles
The report outlines seven key principles that should shape the Government’s negotiations to support the London economy as we exit the EU. Those principles include:
- clarity and stability on the UK’s negotiating position on future trade arrangements
- a whole economy approach to acknowledge the interdependence of large and small businesses' procurement and supply chains
- consideration for the financial sector, recognising its pivotal role
- the simplest possible access to the European single market
- rapid regulatory alignment
- the need to avoid cliff-edge scenarios and an adequate transition period for businesses
- incorporating the voice of business in the UK’s negotiation stance
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EU exit and London's businesses