Joe Powell

Joe Powell

Labour — Kensington and Bayswater

Speaking in the House of Commons on 10 July 2025

Debate

London’s National Economic Contribution

Contribution

My hon. Friend is absolutely right. A combination of financing instruments was used to fund the Elizabeth line. That approach has huge potential for big infrastructure projects in London, including the proposal for a new St Mary’s hospital. It cannot be right that we are reliant on the Treasury capital budget for projects that we know will pay back over and above in the long term. There is a strong appetite to explore how different financing mechanisms could get these projects moving. We should harness London as one of our greatest assets, not at the expense of other regions or of tackling regional inequality but for the benefit of the whole country. We should tackle regional inequality head-on, and I believe that London is part of the solution to that problem.

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