The last budget by Chancellor George Osborne before the UK election didn’t throw up too many surprises for UK voters and businesses. It will, however, inevitably affect those who live and work in London. So what are the key points we should take from the budget? The key areas of discussion were around housing, the economy and transport.
In terms of housing this is a major issue in London. Everyone knows the UK capital has an acute shortage of housing. There are prime areas in the centre of the capital which are high in demand but where there is very little choice. The budget pledged more affordable housing in certain areas, especially for first time buyers. As the population in London grows the need for better housing will become increasingly important and the government cannot ignore the issue.
Transport is always a big factor for people living and working in London. It is a sprawling city and people often have to commute long distances to work in the capital. From a business perspective, the city attracts workers from all over the globe, as well as the rest of the UK, and the transport networks need to be able to cater for this demand. The CrossRail project is already underway and this will ease the situation, especially for those looking to travel from the East to the West of London. There is also increased funding earmarked for the Croxley rail link which will meet the West Coast mainline at Watford Junction, easing congestion on this busy route. As passenger numbers increase transport is going to remain a hot topic. It’s vital the capital responds to this growing need and continues to plan for the future.
The London economy is a vital one and funding was pledged in the budget for certain areas to promote private and commercial developments, like the regeneration of Brent Cross, for example. This helps to create jobs in myriad sectors in both the short, medium and long terms as planning gives way to construction, to interior design and new businesses and firms opening in the new area.
Continued funding for medical research, as highlighted in the budget, is an important factor in boosting both the industry in London and attracting top researchers to the capital for work. London has some of the best research and development hospitals in the country working hard to tackle global diseases.
The Chancellor announced an increase in business apprenticeships which helps employers as well as those looking to find a foothold in a new trade. Educating young people and helping them to secure a job and future career is a vital tool in enabling London to remain a prosperous and dominant global economy.
Clarendon works closely with industry in London as a provider of serviced apartments and welcome developments which help to make London as successful and prosperous a city as it can be. The London economy is a vital one for many industries and sectors and these budgetary measures look set to strengthen the capital for the future.