London’s diverse and vibrant economy provides almost one quarter (23 per cent) of the UK’s overall economic output – around £364 billion. 
While some initial nervousness has abated following the Brexit vote, business confidence is precarious and more could be done to combat concerns and minimise any risk to the capital’s competitiveness and attractiveness as a place to do business.
With Article 50 now triggered, the London Assembly Economy Committee publishes its report ‘EU exit and London’s businesses’ today. The report sets out the challenges and opportunities that lie ahead for London’s businesses. It also outlines seven key principles that should shape the Government’s negotiations to support the London economy as we exit the EU. Those principles include:
- Clarity and stability on the UK’s negotiating position on future trade arrangements.
- The simplest possible access to the European single market.
- The need to avoid cliff-edge scenarios and an adequate transition period for businesses.
- Incorporating the voice of business in the UK’s negotiation stance.
Fiona Twycross AM, Chair of the Economy Committee, said:
“Businesses in London continue to experience a great deal of uncertainty since the referendum result last June and despite the triggering of Article 50 last week, we are no closer to knowing what the future will be for London’s businesses.
The Economy Committee urges the Mayor to lobby for a guiding set of principles to underpin the Government’s negotiations as we exit the EU. Businesses have expressed the need for the simplest possible access to the European single market and cliff-edge scenarios must be avoided.