According to a recent survey by the CBI and KPMG, some 60% of London’s senior executives believe that London is falling behind as one of the world’s leading business centres. Besides the general economic slowdown caused by the global credit crunch and the greater difficulties in raising finance, the respondents cited a number of other specific problems that are threatening London’s ability to compete successfully with other major centres.

These problems include a shortage of skills – with 72% of employers complaining that they are unable to fill certain skilled jobs – government incompetence regarding non-domiciled tax reforms, and, to a very large degree, problems with the city’s public transport system.

Some 90% of business leaders see the public transport problems as negatively impacting their businesses, and 37% believe that these are going to get worse. Although London’s new mayor, Boris Johnson, has promised to tackle the problems of London’s traffic and transport as a priority, both businesses and the general public continue to bear the brunt of a chronically underfunded and poorly managed transport system.

As Richard Reid, chairman of KPMG London, noted, “Many of [the survey’s] findings should be setting off alarm bells for policy-makers that urgent action is needed to tackle the weaknesses that will compromise London’s reputation and competitiveness”, adding that improving transport links was the key to “maintaining London’s world-class status”.

Until adequate changes to the system are put into effect, which are likely to take some time, driving into the city remains a preferable option for many businesses and individuals, particularly for those able to take advantage of contract parking services that guarantee them a secure and reliable parking space without having to contend with the threats of clamping, fines and other restrictive parking regulations.

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News provided by 24 7 Parking Ltd, a leading marketing services provider to the car parking industry in the UK, and a leading de facto marketplace for buyers and sellers, or lessees and lessors, of car parking spaces.

24 7 Parking carries out daily surveys of the national media to provide up-to-date news and commentary on UK transport.