{
  "id": 10359980,
  "title": "The City’s contribution cannot be taken for granted",
  "url": "https://urgent.news/2026/09/28/the-citys-contribution-cannot-be-taken-for-granted",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-28T03:52:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/the-citys-contribution-cannot-be-taken-for-granted/"
  },
  "original_language": "en",
  "account": "Growth in London or other regions of the United Kingdom should not be seen as a zero-sum game, according to Chris Hayward, policy chairman of the City of London Corporation. The Prime Minister, Cabinet, and numerous business leaders are currently attending a Labour Conference, where they will discuss the government's ambitions for growth, as relayed by the source. However, the outlook is concerning, with the OECD forecasting a mere 1% growth for the UK in 2027, a rate that may impede efforts to fund public services, revitalize infrastructure, and bolster national defense.\n\nDespite these gloomy forecasts, the financial and professional services sector in the UK plays a crucial role in driving nationwide growth. This sector employs nearly 2.5 million people, with two-thirds of these jobs located outside London. Notably, the sector supports over 1.5 million jobs in various regions. For instance, Manchester Central, represented by education secretary Lucy Powell, employs around 51,000 individuals in this sector, constituting nearly one-fifth of all jobs in the constituency. In Birmingham Ladywood, home secretary Shabana Mahmood's area, there are 43,000 jobs, while Swindon South's transport secretary Heidi Alexander's constituency boasts more than 10,000 jobs.\n\nThe government must prioritize growth, but it cannot achieve this objective alone. Success depends on collaboration between government, businesses, and the areas where investments ultimately materialize. The City Corporation has consistently advocated for this approach, working with successive governments to connect global capital with opportunities across the UK. The latest initiative, Invest Connect, aims to further strengthen this partnership by offering investors managing trillions of pounds in assets a direct avenue into infrastructure opportunities across the nation and its regions. Founding opportunity partners for this initiative include the Liverpool City Region, Cornwall Council, and the Scottish Government.\n\nHowever, it is essential not to take the City of London for granted, as its contribution is indispensable. Capital is highly mobile, and international investors have choices, influenced by policy decisions. Consequently, the City Corporation has called for a program of tax simplification to reduce unnecessary compliance costs for businesses and a pathway to reform taxation on UK equities, including the removal of stamp duty on share trading. These measures, proposed in the budget submission, are designed to enhance investment conditions and bolster the UK's competitiveness.\n\nThe underlying lesson is that Britain possesses an abundance of ambition, talent, and workers; however, it faces a shortage of investment and, unfortunately, a tendency to overlook the connection between capital and opportunity. The Square Mile seeks to collaborate with the Chancellor to facilitate this connection. The government has a crucial role in fostering an environment that encourages investment to thrive, while businesses are responsible for investing, innovating, and generating jobs. The City Corporation can act as a facilitator, bridging the gap between these entities.",
  "summary": "Growth in London or the regions is not a zero-sum game. The success of the City is good for the whole country, writes Chris Hayward.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}