Brief
Business leaders urge Chancellor Healey to give Mayor Khan new borrowing powers
Employers representing over 170 London firms want new financial powers for the mayor to speed up transport and housing projects.
By Felo News Desk · Published
Employers representing more than 170 major London employers have asked Chancellor John Healey to grant Mayor Sadiq Khan new powers to borrow against future transport‑related revenue, according to Standard. The business group says such powers would free key projects like the Bakerloo line extension from case‑by‑case Treasury approval. It also calls for a stamp‑duty cap of 1% for first‑time buyers and downsizers, a holiday on employer National Insurance contributions for firms hiring 18‑24‑year‑olds, and an increased Employment Allowance for those taking on unemployed youth. The submission argues that keeping locally raised tax revenues in London would drive infrastructure, housing and education investment.
Key facts
- Business chiefs representing over 170 London employers want the mayor to borrow against future transport revenue (standard.co.uk)
- The group proposes capping stamp duty at 1% for first‑time buyers and downsizers (standard.co.uk)
- They suggest a holiday on employer National Insurance contributions for firms hiring 18‑24‑year‑olds (standard.co.uk)
Sources
- [1] standard.co.uk — originally reported as “Budget 2026: John Healey urged to 'unleash' London with new Tube and rail upgrades”
