Richard Burge LCCI

Better together

Richard Burge, CEO of London Chamber of Commerce and Industry (LCCI), explains why it’s so vital that the capital’s chambers work together for the good of the economy…

London is the jewel in Europe’s crown and its importance cannot be overstated. It’s a hub for global trade and is central to the performance of the UK economy. One of the key benefits of London’s economy is its diversity. There are around 800,000 businesses here, of which about 470,000 are VAT-registered. People who work here come from all over the world, not just the UK, and each of the 32 boroughs in the capital have their own strengths and challenges.

This diversity means that it would be impossible for one chamber of commerce to oversee all of the business activity in London. One part of my role is to assist local Chambers in working together to support businesses and promote London as an international destination for trade. This is beginning to happen, although there are still challenges to navigate. Some of London’s boroughs don’t have any chamber coverage so that’s something which needs to be addressed. Parts of London are hampered by high unemployment and there are skills gaps in certain areas.

The other key challenge is how to navigate the fall-out from Britain’s exit from the European Union. There are people on both sides of the divide who are still fighting yesterday’s battle. Brexit has happened and it’s time to move on. The debate should now be centred around how we – and London in particular – re-evaluate our trading relationship with the EU. London is still a global city and can benefit the EU, and vice-versa. We might not be part of the EU any more but that doesn’t mean we can’t have a healthy trading relationship with this important region, even if we have to redefine some of the terms and conditions upon which this relationship is based. Despite these challenges, I’m optimistic about the future. London has a lot to offer the world and still has an enviable reputation as a global destination for trade. It has core strengths in key sectors such as bio medical sciences, advanced manufacturing and technology, and in recent times has attracted several disruptive, high-growth businesses that are making their mark here. Britain’s departure from the EU has encouraged some businesses to explore and capitalise on markets further afield; building partnerships all over the world and adopting a global outlook will be important in the post-Brexit era.

Meanwhile, the successful COVID vaccination programme in the UK has boosted confidence in the business community and given everyone hope that the worst of the pandemic is behind us. There’s a feeling that businesses are now looking forward, not back, and getting on with the job of building partnerships, ramping up trade and improving their balance sheets.

London will be at the centre of the UK’s economic recovery and it’s vital that businesses get the right support, both on a practical level and a policy level. Local chambers, including Kingston Chamber of Commerce, have a significant role to play in offering practical support to businesses and lobbying government to ensure that policies create an environment in which businesses can grow and flourish.

I’m optimistic about the future. London has a lot to offer the world and still has an enviable reputation as a global destination for trade. It has core strengths in key sectors such as bio medical sciences, advanced manufacturing and technology, and in recent times has attracted several disruptive, high-growth businesses that are making their mark here.