Responding to Chancellor Rishi Sunak’s summer statement on Britain’s economic recovery, Richard Brown, Deputy Director, Centre for London said:
“London had more than a million people on furlough at the end of June, and the city’s hospitality industry is struggling as tourism falters and commuting remains constrained. So the Chancellor’s package of support measures is welcome.
“But there are longstanding inequalities in London’s labour market. Even before the crisis young people in London were 30 per cent more likely to be unemployed than in the rest of the country. And the situation is particularly tough for people from minorities: for example, black men in London are three times as likely to be unemployed as white men.
“So making sure the ‘Kickstart’ scheme and other initiatives help all young Londoners will require monitoring and targeted support, including through the additional careers guidance announced today, and higher rates of pay to reflect the higher cost of living in London.
“The suspension of stamp duty is also good news, though its permanent replacement by an annual property tax would be better, as is investment in decarbonising public buildings and social housing.
“However, the Chancellor’s statement does little to support renters with private landlords and self-employed people, both groups overrepresented in London, many of whom are now facing a very precarious few months.”
Notes to Editors
- Centre for London is the capital’s dedicated think tank. Politically independent and a registered charity, the Centre publishes research, holds events, convenes and influences to create a better city.