Supporting London’s businesses through Brexit

Businesses yearn for certainty, but for all the talk of “Getting Brexit Done”, huge questions about our future remain unanswered. 

The transition period agreed with the EU will mean things largely stay the same until the end of December 2020. But until the terms on which we will trade with the EU beyond that are clear, we face the threat of a cliff-edge when the transition period ends in just 11 months time. For businesses who export to the EU, or rely on EU supply chains, the stakes couldn’t be higher and yet the majority have not been given the certainty they need to prepare.

The Government has said it will end freedom of movement and introduce a new points-based immigration system by the end of the year. But we are yet to see any firm details of their plans, and I’m worried that negative rhetoric about EU workers and the need to curb immigration in lower paid and lower skilled roles could have a detrimental impact on our city.

There are over 1 million European Londoners in the capital and it has never been more important that they all know that they belong here and are welcome.

Brexit is going to involve the biggest change in rights and immigration status in our country for a generation.

The Government is in danger of sleepwalking into another Windrush scandal – something we can’t allow to happen. What I ask of all Londoners during this difficult period is to reassure European colleagues and friends that London is their home and they belong here, especially when many will be feeling unsure about what the future holds. By having these conversations we can all work together to show that #LondonIsOpen.

What we’re doing to help

We want to help London’s businesses and workers to prepare as best they can. In 2019, over 8,000 business professionals visited our Brexit Business Resource Hub, where we offer practical advice from EU experts. We have also expanded our business support service, the London Growth Hub, into nine physical locations. Since its launch three years ago, the London Growth Hub has supported 4,000 businesses through online and face-to-face programmes. As we start 2020 with great economic uncertainty, I hope that you can encourage your contacts to access this important resource.

We have also helped over 330,000 European Londoners get free advice in person, as well as guidance through our EU Londoners Hub in 27 European languages. This support will continue in 2020 to help as many European Londoners as we can secure their status post-Brexit. 

London economy is still thriving

London is the greatest city in the world. Its pre-eminent position as a capital for business, culture, innovation and openness has developed over time and is built upon strong foundations. This will not change after Brexit.

I’m proud that – even with the uncertainty due to Brexit – we’ve managed to go from strength to strength in London as a global financial capital and as a hub for technology and innovation. Since I became Mayor, we’ve seen a steady growth in London’s economy and the number of jobs.    

But of course we have to be honest with ourselves – all the evidence points to our growth, inward investment and jobs market being hurt by Brexit. And the Prime Minister’s decision to rule out extending the transition period shows that he seems willing jeopardise people’s livelihoods.

The Government could have tried to retain our membership of the Customs Union and Single Market – as I called for – and protected UK jobs and prosperity. Instead, it is leading us into a blind Brexit with no plan for where we’ll end up.

But that doesn’t mean we can’t still push forward and grow our economy in the years ahead - even though we may see weaker progress than would otherwise have been the case. 

Working together is our hope for the future

We may be leaving the EU this week, but I want to send a clear message that London remains a truly global city at the heart of Europe. It’s crucial that we work together in the years ahead to ensure London’s businesses and European Londoners get the support they need.