London’s Economic Recovery: Covid-19

Part of the debate – in the House of Commons at 2:32 pm on 23 October 2020.

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Photo of Felicity Buchan Felicity Buchan Conservative, Kensington 2:32, 23 October 2020

Thank you, Mr Deputy Speaker, for granting time for this Adjournment debate, and I thank colleagues who are in the Chamber; I am conscious that it is the Friday afternoon ahead of recess.

Reviving the London economy is critical, clearly for London but also for every single person in this country. London contributes a massive 25% of all tax to the Exchequer. Two small London boroughs—mine, Kensington and Chelsea, and neighbouring Westminster—contribute 10% of all business rates in the entire country, and London contributes £436.5 billion of gross value added. If we take the gross value added of Scotland and Wales and double it, then we get to London’s number. Ensuring that the London economy functions is important for people in Northern Ireland, the north-east of England, Scotland and Wales. It is critical.

Sadly, the London economy is suffering—in particular the central London economy. I think that there are two principal reasons for that. First, people are not commuting into work, and they are not coming in for cultural and social events at places such as theatres and restaurants. Secondly, there has been a massive decline in international visitors to our city. Let me take those in turn and look first at commuters.