A statement from the EC BID Chair Andrew Reynolds

The Chancellor has set out a plan for recovery – “Made in Britain” – that puts our formidable financial services sector at the forefront of the country’s economic recovery. His ambitions to grow our thriving technology and science sectors with support from financial services to make Britain the next Silicon Valley, are good to see.

As we enter a recession, it’s important that the sector works with the government to generate the international investment needed to lead the country out of the cost-of living-crisis. But now it’s up to the government to make sure this partnership is a success. The businesses operating in the Eastern Cluster of the City – home of the UK’s financial services sector – stand ready to play their part.

Financial services are the backbone of our economy, but the ripple effects of the recession and how, in particular, the vital ‘eco system’ businesses cope is going to be key to the future vitality of the City.  The future looks uncertain for many in the hospitality, leisure and retail sectors and I urge the Government to think radically about how these businesses can be supported. Again, the private sector can help and I look forward to working with our public sector partners to push through the challenging days ahead together.

Andrew Reynolds Chair of the EC BID