Sadiq Khan Calls for More Government Support for Businesses in London.
THE Mayor of London has urged the UK Government for more support for businesses in central London, although he reiterates that this is a “national issue, not a London one.”
He states that 25 per cent of the UK economic output comes from London and contributed a net £38.7 billion (€43,929 billion) to the Treasury before COVID, saying: “Its brand is an asset for our country.”
Central London’s shops, restaurants and attractions are usually supported by the millions of tourists they draw to the UK. “Unlike New York or Paris, fewer people live in the centre and with the reduced footfall – businesses have lost £10 billion (€11,356 billion) in spending with nothing to replace it.” the Mayor said.
According to Mr Khan, new analysis shows that, in the worst-case scenario, up to 97 per cent of the economic output of West End’s huge, historic culture scene could be lost. “We’re talking about a sector that employs 26,000 people across central London, many who moved here from across the UK.”
“If the Government provides the right financial support now, the West End, the capital and the country can recover from this pandemic. The lifelines of the furlough scheme, the business rates holiday, and the hospitality VAT reduction must continue,” he concluded.
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