NEIL GARRATT LAUNCHES REPORT EXPLORING HOW TO GET LONDON'S ECONOMY THRIVING

Conservative Assembly Member Neil Garratt AM has today launched a new report, How Do We Get London Thriving, which explores the ways the Government and the Mayor of London can boost the economy by unlocking the economic potential of the capital.

The report comes off the back of the London Business Summit, which Mr Garratt hosted earlier this year, inviting businesses from across London - cross-sector - to contribute on what they perceived as the barriers to success in London. Attendees reported issues around structural issues, such as the need for financial reform, as well as the impact that retail theft is having. Chiefly, however, attendees pointed to a lack of energy and ambition in the capital coming from leadership.

The report outlines a number of recommendations, such as:

• Reinstatement of Tax-Free Shopping: Often referred to as the Tourist Tax, the removal

  of VAT-free shopping for international visitors is seen as a major deterrent. Stakeholders

  are calling for its return to bring London back in line with cities like Paris and Milan.

• Enhanced Access to Venture Capital & Risk Funding: Introduce dedicated government-backed venture and risk capital funds that co-invest with private investors, particularly for high-risk sectors like biotech, AI, and climate tech. This would de-risk early-stage investments, encouraging both domestic and international investors to fund UK startups without forcing relocation

• Ending the Shoplifting Impunity: While the £200 threshold has been officially challenged, retailers are calling for a guaranteed police response to any incident involving violence or business robbery (where knives or threats are used), regardless of the value of the goods stolen.

• Expand Night Time Enterprise Zones: The recommendation is to expand Night Time Enterprise Zones beyond the existing three in Bromley, Vauxhall, and Woolwich. These

  would feature streamlined licensing and tax breaks specifically for late-night venues to prove that a vibrant night economy can coexist with government support.

In a quote, Neil Garratt AM said:

"London is a fantastic city with so much potential: the cultural and economic heart of Britain. But we're held back by mix of outdated systems and a Labour Party whose attitude to business veers between indifference and contempt. From City Hall to Whitehall, support for business must shift from platitude to action. My report is full of practical ideas direct from businesses who told me what needs to shift to get London growing. I hope they read it and I especially hope they act on it, because we cannot go on like this."

You can read Neil's report below.

Neil Garratt AM - How Do We Get London Thriving - Final.pdf

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