Autumn Budget 2026: Labour is treating London as a cash cow
The plans that John Healey announced today to squeeze more from banks will hit London hardest too. Our world-beating financial services sector won’t stay in the City and Canary Wharf for long if it becomes uncompetitive. Instead of letting London’s key business sectors thrive, Labour punishes success, and every time they do, it is Londoners [...]
In the Autumn Budget 2026, Labour is treating London as a cash cow, according to James Cleverly, a prospective Conservative candidate for Mayor of London. The Labour government plans to squeeze more money from banks, which will disproportionately affect London, particularly its financial services sector. Despite London being the world's leading financial hub, the city's unemployment rate remains higher than the UK average, and its economy has struggled to recover from the pandemic.
Moreover, Londoners contribute £48.8bn more in tax than they receive in public spending, but Labour continues to demand more. The party is cutting funds from successful London boroughs to give to underperforming councils elsewhere and has raised taxes that disproportionately impact Londoners and businesses. It is estimated that two-thirds of the revenue from Labour's new family home property tax will come from just four London boroughs.
Labour's plans to retain taxes on businesses also risk driving away world-class financial services and other key industries. Instead of holding London back, the candidate pledges to make the city an economic powerhouse, boost its businesses, and improve the quality of life for its residents.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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