LONDON'S ECONOMY

That this House welcomes the strong economic growth which London has recently enjoyed; notes that any brake on London's competitiveness would have a disproportionately severe impact on the national economy; further notes that the recent publication 'Investing in London: the Case for the Capital' estimates that over four million jobs elsewhere in the UK are dependent on London's demand for jobs and services and that the UK economy as a whole relies on London as a gateway to the international economy; further notes that London contributes at least ú20 billion more in taxes to national government than it receives in the form of public spending and investment but that London has the highest rate of child poverty of any region in the UK and that unemployment in central London is twice the national average; and agrees that London must receive a fair share of the resources it generates for investment in infrastructure, transport, affordable housing, education and skills, in order to ensure not only that the capital's social problems are addressed, but that the competitiveness which is so essential to the country as a whole is maintained.