Commenting on today's Comprehensive Spending Review (20October), The Lord Mayor of the City of London, Nick Ansteesaid:"The Comprehensive Spending Review (CSR) highlights the factthat tough decisions will have to be taken across the board inresponse to the exceptionally difficult economic circumstances weface as a nation.

"We must all pull together in the same direction to ensure theUK's future prosperity.

"Increasing taxes and cutting spending will raise much neededfunds in the short-term. But other measures will be needed as wellto provide the full solution. The best way to generate a strong,sustainable and nationwide economic recovery is to ensure UK plc isglobally competitive and an attractive place to do business.

"The financial services sector stands ready to help achieve thisoutcome, and indeed already generates 10% of our total GDP. That iswhy we must ensure the UK continues to promote an open and globallycompetitive business environment that will fuel the private sectorgrowth needed to compensate for reduced public expenditure over theyears to come."The Chairman of the Policy and Resources Committee, StuartFraser, said:On Bank Taxes"The City of London welcomes the Chancellor"s comments that hedoesn"t want to drive UK-based banks abroad and that the 'maximumsustainable tax" will be judged over a number of years.

"However, the possibility of banks moving overseas is just onepart of a much larger picture. Our priority must be to ensure firmsoperating across the financial and professional services industrysee the UK as a good place to be based and in which to invest.""It is clear that we are already at a tipping point " not justin terms of the amount of tax firms and individuals are being askedto pay but also in terms of the predictability and uncertaintyunderpinning our tax regime.

"I hope we can now begin to draw a line under this issue.

"The Government has said it wants to move forward with acompetitive tax regime " we all support that aim. But we must alsoemphasise that the UK wants business to be based here and toflourish here.

"If we are to achieve our shared objectives of delivering fiscalbalance whilst also helping to drive the UK towards economicrecovery, firms based in Britain must be allowed to compete in theglobal marketplace.

On Transport Infrastructure and Capital Investment"The City of London welcomes the Government"s explicit supportfor, and continued commitment to, Crossrail and the upgrading ofthe London Underground network as announced in today"sComprehensive Spending Review.

"Both of these projects are vital if London, and indeed the UK,is to remain an attractive destination for international investmentin the years to come.

"After 20 years of arguing for Crossrail, it is a relief to seeit finally going ahead"We must now ensure these projects are delivered on time and infull; any downsizing or delays made at this stage will not onlyresult in a loss in short-term revenue but will also requireexpensive additional works further down the line."