London chamber welcomes Osbornes budget

The London Chamber of Commerce and Industry (LCCI) has hailed the chancellor's budget as 'good news for London businesses.'

Commenting on George Osborne's Budget announcement today, Colin Stanbridge, chief executive of London Chamber of Commerce and Industry (LCCI), said: "The chancellor has delivered a budget today that includes good news for London business.

"Funding to move Crossrail 2 to the next stage is most welcome, this is a transport project that, once operational, will bring economic dividends well beyond London.

"The announcement today to allow the Greater London Authority to retain all business rates revenue from April next year could see more effective targeting of resources towards local infrastructure that underpins local business priorities.

"Of course we await to learn fuller details on how rates reforms may work in London, given that a business rate supplement is in place to help fund Crossrail.

"LCCI's vision for London is not just for business rates devolution, but more powers on housing, skills policy and property taxes are essential if the capital is to be able to fulfil its economic potential and meet its infrastructure needs."

To read more about what was outlined in the budget, read BQ's breakdown here.