London First: Time for action not words, Chancellor

The group also called on George Osborne to resist any more changes to the bank levy or any "further surprises such as the Stamp Duty Land Tax" and ensure that the regulatory environment supports growth.

Jo Valentine, chief executive of London First, said:

“We have no shortage of pro-growth statements – on measures to reduce the regulatory burdens on businesses or the need to support our financial sector, for example, but what we lack is any action to turn these statements into actual policy.

“It’s time for the government to bridge the gap between rhetoric and reality and give us a strong show of confidence and commitment that will encourage investment and employment.”

In a letter to the Chancellor, London Firstcalls on the Government to put its weight behind projects such as the upgrading of the London Underground and the regeneration of Battersea Power Station and its surrounding area, as well as a long-term funding plan for Transport for London and a commitment to deliver the Northern Line Extension.

It also says that the government should restore investment in other essential infrastructure to 2010/11 levels by the end of this Parliament to support delivery of its own National Infrastructure Plan.

London Firstalso wants the Chancellor to aim to reduce the top rate of income tax of 40% and demonstrate "unequivocal support" for the city's leading global industry, financial services, particularly at a time when market conditions lead to inevitable downsizing and refocusing of activities.

The group also wants infrastructure investment to restored to 2010/11 levels and for full use to be made of private sector balance sheets by confirming the successor arrangements to PFI.

In partnership, Dods and InHouse Connex are running a tele-conference with Chief Secretary to the Treasury Danny Alexander on Thursday 6th December. For information about how to take part and ask a question click here.