Witnesses representing London business organisations told the committee that an increasing number of large companies were considering moving out of central London, primarily because of a lack of quality and affordable business premises. The lengthy and cumbersome system of making planning applications was also said to make London less attractive as a business location.
Eric Ollerenshaw, Chair of the Regeneration Funding Investigative Committee, said: 'Many of London's regeneration initiatives are dependent on help from businesses and as a world class city, London should be doing everything possible to attract and retain these businesses. What is the point of regenerating one area, when at the same time, we are failing to retain businesses in other areas?'
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