Sadiq Khan promises to lobby for City access to Single Market in his economic strategy

Sadiq Khan launched his strategy for growing London’s business today, promising to lobby for Single Market access on behalf of City firms.

Khan has pledged to protect office spaces in London, and intends to improve the capital’s digital infrastructure, focusing on areas where there is no internet connection. He has also committed to lobby the government on business rates reform.

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However, the mayor has warned that the City is “under threat” from the UK’s exit from the European Union, and has said he may change his strategy, depending on the outcome of the Brexit negotiations.

The strategy said: “London’s status as a global financial hub, however, is under threat from Brexit.

“The mayor will be a strong advocate on behalf of the City, lobbying the government for a deal with the EU which enables London’s financial and business services sector to trade within the Single Market and to access talent from Europe, and banging the drum overseas for London’s financial and professional services.”

Conservative London Assembly Member Susan Hall described Khan’s plan as “underwhelming”.

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“Given this is the mayor’s main strategy to improve business in London over his term, it is somewhat underwhelming in its lack of innovation,” she said.

“The document is largely a re-hash of what Boris was doing along with some pledges to spend the money that has already been given to him by central government.”

Brexit negotiator Michel Barnier has already said the City will lose its passporting rights in March 2019, but has said there could be some areas of cooperation between the UK and the EU.