Red tape and years of underinvestment have been blamed for a dismally small increase in annual productivity, which is up an average 0.2pc between 20. The consequences of London losing its lustre have already been laid bare.
It supports Jeremy Hunt's decision to examine changes to pension fund rules that will encourage them to put more money in shares. The lobby group adds that urgent work needs to be done to stop more companies shunning the London Stock Exchange in favour of listing in the US. It's a move that the Bank of England Governor Andrew Bailey has so far resisted. TheCityUk wants regulation to be more streamlined and competition to be embedded in regulators' remits. United Nations trade data show foreign direct investment flows into the UK stood at $28bn (£22.5bn) in 2021, which the report says is one of the lowest ever levels recorded. The report warns that in financial services and technology, "it has lost ground to New York and centres like Singapore in the Indo Pacific region are growing fast". TheCityUK and law firm Freshfields say that a massive ecosystem of 200 foreign banks and overseas law firms based in London is "under serious challenge". He is already facing a business backlash ahead of August's expansion of the Ultra Low Emission Zone (ULEZ), while pursuing what critics regard as vanity projects including a £4m Transport for London project to explore renaming the Overground’s six lines.Ī new report now warns that the City's status as a global financial hub is under threat from other capitals as companies continue to shun it as a place to float on the stock market. Khan has made some of the growth challenges worse. Greggs says the decision is unfair because other fast-food chains like McDonald's are allowed to keep their doors open after hours. The council denied Greggs' application, arguing that selling potato wedges and BBQ chicken bites all night could increase crime and disorder in the area.
He adds that antiquated laws which have been in place for almost a century, including a rule that Londoners must be able to have direct sight of St Paul's Cathedral from around a dozen places dotted across the capital, are preventing things from getting done. Paul Swinney, director of policy and research at the Centre for Cities think tank, blames the UK's "very discretionary" regulatory system for making businesses feel as if policymakers are rolling the dice on decisions. Henry's experience is just one example of the red tape and bureaucracy that is strangling the capital – from the financial powerhouse of the Square Mile, to the bars and restaurants that make it a world-class place to live.Īs new figures show that the city is losing ground in financial services to its old rival New York, and discontent builds over London Mayor Sadiq Khan's controversial plans to expand high-tax green driving zones, even some of its biggest supporters are asking the question: Has London peaked? Perhaps unsurprisingly, London has lost a quarter of its nightclubs since 2019. “It seems in London we're sort of the dirty backstreet club that no one wants." In other large European cities and even in some smaller UK ones, “they welcome the industry” and the money it brings, Henry says. When problems do happen, "rather than working with a venue, they tend to try and put more conditions on a license". "90pc of the time we haven't done anything wrong," he says. Noise complaints, anti-social behaviour and police inquiries about incidents involving customers getting bothered on the train home all add to a never-ending stack of paperwork. The police licensing officer is in contact on a weekly basis. “We spend most of our time fighting to stay open,” he says. Depressed customer spending, rising costs and a general sense of malaise have damaged a once upbeat industry.īut the biggest challenge, says Jack Henry who runs one of the UK’s largest clubs, E1 in East London, is all the red tape and hostility from the authorities. London's once-proud clubbing scene is already sadly down at heel.
0 kommentar(er)
