Mayor's economic strategy is all talk and no action

10.59.35am BST (GMT +0100) Mon 12th Oct 2009

Dee Doocey, the Liberal Democrat London Assembly economic spokesperson, commenting on the Mayor's draft economic strategy published today said:

"The strategy is full of warm words, but there is no real support for London's small businesses, who provide nearly half of London's employment, nor for the voluntary and community organisations who support the most disadvantaged in society.

"The Mayor's talk about supporting and encouraging small business growth is not matched by his actions. Earlier this year funding for two programmes, which provides mentoring, training and advice for small firms, had their budgets cut. The Business London programme lost 40% (£1.4 million) of its funding, and the Access to Finance scheme, suffered a budget cut by 13%. The £3 million loan fund which is has already been set up is only available to established businesses, which means there is no tangible support for new small businesses at all".

"The voluntary and community sector is still reeling from the news of the £160 million 'black hole' in the London Development Agency finances which means not only will they lose out on grants funding, but repayments to the National Lottery from the sale of Olympic land will also be delayed, meaning misery for even more grassroots organisations".

"This strategy will do nothing to help struggling Londoners".