A new survey has found that business leaders in London fear for the competitiveness of the city.
The study, done in partnership with the Confederation of British Industries (CBI) and Big 4 firm KPMG, found that six out of ten senior executives believe London's competitiveness is "under threat".
It also showed that 31 per cent of the executives believe they will face difficulties in raising
finance over the next six months.
Richard Reid, London chairman of KPMG Europe LLP, said that the report "clearly shows" that the capital's businesses "are feeling the impact of the downturn in the economy".
"After so many promises to reduce damaging red tape, policy-makers have to realise that the burden of unnecessary paperwork is seriously hindering London's success and its ability to just get on and do business in an increasingly competitive world," he added.
The latest economic forecast by the CBI estimated that the UK's growth domestic product will be pushed down in 2009 to the lowest rate seen since 1992. It lowered its forecast by 0.4 per cent to 1.3 per cent.
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