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London members give regional imbalance evidence for Treasury committee

Last month, London Society of Chartered Accountant members took part in an institute-wide consultation for ICAEW’s submission to the Treasury Select Committee’s inquiry into regional imbalances in the UK economy.

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September 2019

Over the last 20 years, successive governments have put in place a number of schemes to lessen imbalances in the UK economy. This government inquiry is designed to assess the effectiveness of these measures.

It is clear that London has a good story to tell in terms of salary levels, productivity and social mobility, but what can the success of London tell us about raising economic development across the UK?

Members on the London leg of the consultation felt that good transport links and the success of the financial services sector were key components in the capital’s pre-eminence. They said that like London, centres of excellence should be formed in areas with particular sector-specialisms to encourage large businesses to relocate to these regions.

The evidence given by participants was invaluable, and forms an important part of ICAEW’s submission, sent on 2 August to the Treasury Select Committee. Going forward, ICAEW members in London will have the opportunity to have their say on a wide range of policy issues, with a large skills inquiry and a consultation into post-Brexit business funding taking place in the autumn and winter.

Please contact London Society of Chartered Accountants megan.fitzpatrick@icaew.com for more information on how you can get involved in this consultation work.

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