London’s Economy

I was about to say that I thank my hon. Friend for his contribution, but I do not think I can, because I do not agree with what he said. He has not yet heard my speech and he is prematurely off the mark. The fact remains that the statistics speak for themselves: London is the economic powerhouse that drives this country. The continuation of London’s success and the scale of its contribution to the rest of the UK cannot be taken for granted. We are reminded every day of the growing economic strength of the emerging economies of China, India, Russia and now Brazil; nor can we assume that historic competitors such as New York will not respond effectively to London’s success. In an increasingly competitive global environment for investment, London must stay one step ahead of the game. That requires significant and continued investment in those areas in which the city is weakest: transport, housing and skills. It is also essential that resources are available for the capital to respond to emerging problems and their consequences, such as the challenging security environment and the real threat of climate change.