 mae'r ddechrau'n cael iddo i'r llwylliant yma i ddweud y nifer a'r yn ddweud y cyfranedd yma yn ysgolwydau ddechrau ac yma'r olyw ben o'i ddweud, felly yn ni fyddai ddechrau'n ei ddweud yma i ddweud ac yn i ffredd yn gallu rhoi, mae gennych wedi ddweud, a oeddwn ni'n ddweud yma yn oed. Mae'r llwyffau'r llwmpau o'r llwyffau yn oed ar hyn oherwydd, a'r ysgolwyr G4s yn ystod, ddylai'r gw抽'r srynwyr maes hwnnw yw ni'n siwr. Unwch i'r gwaith hon yw'r maes honny yw Llobster﹢ol. Gwbod o'u ddweud i helpu curvell, o'u ddweud o'u olympladau bywyrwyr... ...og unrhyw o ddweudio roi gan oed, o'u ddweud o dywedru saeth... ...og ond o'u rywun o'r hotel ar sian. Mae'r unrhyw pofysgu ffwmpio yn ymddangosio, o'i mwyfio, o'u zipwyr yn y Pwyrgyffredd... ...o'r rai hawl. By education was otherwise a staggering success and we need now to build on that success. The lesson of the Olympics is that we must never underestimate our strengths in this city or in this country. We are still the sixth biggest exporter in the world, the third biggest global exporter of services after the US and Germany. London is still the world centre of banking and finance, and even if the CEBR is right to say that the sector is likely to shrink from its current high of about 320,000, the same economic think tank has also pointed to the phenomenal growth we are seeing in sectors that scarcely existed 10 years ago. London leads Europe in nanotechnology, in biotech, in academic health science with a growing constellation of intellectual power along the Euston Road. I could take you to Shoreditch and introduce you to brilliant young men and women in funny shaped glasses who can do the time's super fiendish Sudoku crossword in four minutes flat, and who are coming up with apps that will allow children in Ohio to watch videos on their playstations. And that, which is good for London in some way that they explained to me, and that sector in which we now lead virtually every other city in the world with the possible exception of New York has come from almost nowhere to account for 40,000 jobs. We still dominate in property, in insurance, in accountancy and an incredible 47% of the world's legal services exports come from the UK. Most of them, of course, from London. Now, I would never encourage anybody to sue in the possible exception of Alison McAlpine. But if one oligarch feels defamed by another oligarch, it is London's lawyers who apply the necessary balm to the ego. And it is those ruble-fuelled refreshers and retainers that find their way into the pockets of chefs and waiters and dormant and janitors and nannies and tutors and actors and aromatherapists and keep the wheels of the London economy turning and put bread on the tables of some of the poorest and hardest-working families in this city. So I have no shame, whatever, in saying to the injured spouses of the world's billionaires, if you want to take him to the cleaners, darling, take him to the cleaners in London. Because the London cleaners will be grateful for your business. And with more Michelin-starred restaurants than Paris. Yes, a fact too good to check, I feel. More bookshops, twice as many bookshops as New York, the lowest murder rate in this city now in spite of the massive increase in population for 40 years. London this year is officially the most popular city on earth with 16.9 million people visiting. And it's also actually the most populous city in Europe as London's fantastic phylo-progenitive effort going on by the population. London's mothers are producing more babies than ever. And we are about to, we are going to beat New York. We're going to hit 9 million before New York. So after decades of post-war decay and depopulation, the demographic and cultural resurgence of London continues. And it is the chief glory, I would say, in great respect to everybody else who's spoken today, it is the chief glory of the UK economy. And we need to proclaim that resurgence and to protect it because we are locked in an intensifying competition with other great cities around the world. 19th century London became the biggest and richest city on earth. Why? Because it was open, because it had doctrines of free trade and openness to trade and talent. And I'm worried that we are at risk of losing some of that openness in what has been a very difficult time for the economy. We've moved from the age of excess under labour through this age of austerity, which I think should come to an end. Because if this country is to grow, we need to move to a new age of enterprise. And for enterprise to flourish, people like me need to be responsive to what is happening in the rest of the world. And we can't solve the banking crisis by imposing more regulations than our rivals in other European or indeed Asian jurisdictions. We shouldn't be gold plating the rules on capital adequacy out of some guilt for having got it wrong last time. If the result is, it makes London less attractive as a place to establish or to expand your business. And not only have we got to stop vilifying bankers, we need to make the moral case for banking, for financing ventures at risk, for the free market allocation of capital as the most efficient means of enriching the greatest number of people. Because human race has tried communism and it wasn't a howling success. And symmetrically, we need more moral leadership from the bankers. And it's not good enough, I'm afraid, for them to lick their wounds behind the stuccoed walls of their Notting Hill schlosses. And as that happens, I think they're doing much better than they used to and the climate is changing. And many leading financiers are now giving and engaging with society in a way that I don't think would have happened 20 or even 10 years ago. But they won't give and they won't engage if they feel persecuted and despised and regularly bashed by every politician under the sun. And indeed there is a risk that they will take their business away. And so we won't succeed as a society and a city if we actively set out to sabotage a sector in which we are very strong. And therefore we need to be careful that taxation is reasonable. And this year yet again Andy Murray reached the last 16 at Wimbledon, fantastic. Along with players from Germany, France, America, Russia, Spain, Argentina, Croatia, Switzerland, Uzbekistan and Serbia. Now of all those tennis players, who do you think faced the biggest single confiscation of the prize money from his national tax jurisdiction? Who was it? It was before Francois Hollande got in, by the way. It was Andy Murray. It was Andy Murray and the British top rate of tax is effectively higher now than any of our competitor countries. And he's worth bearing in mind. I mean I merely put it to you that Roger Federer was facing a tax rate of 20%. I don't know whether it made all the difference to Andy Murray as he lept, whether he would have gone half a yard further and faster if he had that extra incentive and I'm not suggesting frankly that it would. But in the end at the margin and across the board I do believe that high rates of personal taxation, consistently higher rates of personal taxation are likely to make us less competitive. And in case your heartstrings remain untwanged by the fortunes of a superstar tennis player, I should point out that the OECD now officially rates Britain as a high tax country with average earners now paying more than Sweden. We should have taxes that are low but fair and it is absurd to be suddenly whacking up taxes on cash poor people who happen to inhabit expensive houses in London when firms like Google are paying zero. Now neither arrangement strikes me as being very fair so Google and Co have a very clear choice. They can either change their tax arrangements or they can do much more visibly to serve the society in which they are making these profits by taking on more of the 54,000 18 to 24 year olds who are currently out of work. And that I passionately believe is the best solution for a city that had riots after all only a little more than a year ago. We need to boost apprenticeships and get young people into jobs and I look around this room, I know there are many many businesses here who are doing a fantastic job of taking on young people and helping us to reach our goal of 250,000 by 2016. Let's tackle youth unemployment by investing in education, by encouraging a culture of competition and excellence in our schools, by getting people into apprenticeships and not by slamming the door on all non-UK nationals. Of course we should keep out people who are going to be a drain on the state. But we need the software experts to be able to get here in days rather than in months. And we shouldn't have London's arts barons being forced to cancel events because the prima ballerina is stuck in minx and unable to get a visa. We have seven of the world's top 200 universities, four of the world's top 100 universities. Here in this city foreign students account for five billion cash in to the higher education economy. And it is utterly crazy that we have been losing potential Indian students to Australia and Canada and the United States. So my message is that on tax, on regulation and on visas we need to be careful to remove the barriers to growth. And above all, we in city hall and in government generally must create the physical platform for enterprise. We need security of supply for energy. The shard alone, once it gets filled, is expected to use four times as much juice as the town of Colchester. I mean that's electricity, not orange juice, electricity. Though I wouldn't be surprised. We desperately need more housing. And with the population set to rise by a million to 2020, we're talking about 300,000 more homes which we need in London alone. That may seem an astonishing number to you, but we have phenomenal opportunity areas that everybody involved in development in this city knows. In the docks, in Barking Riverside, Tottenham, Victoria and Ironham, Battersea, Croydon and so on. Brent Cross. Since I was re-elected in May this year, we've released public land, made public land available for development of the value of £490 million to help kickstart schemes. But we need to go further faster. There are 170,000 homes in London that have been consented but that are currently frozen on the plan. We need to get those homes built now and it's time for an aggressive strategy to expand the private rented sector to get London building as a single best way to drive jobs and growth. One in four SMEs in this city is involved in construction and I hope the Chancellor, I'm sure he is thinking of this, I think it would be a good idea if the Chancellor thought of cutting stamp duty on new build homes in order to promote supply. I hope he thinks about that in the autumn statement. Above all, to create the opportunity for those homes, we need to build the transport, local, national, international transport links that this city will always need to give us a global edge. If we want to unlock thousands of new homes and jobs in south London, then for heaven's sake, let's get on and do the city's number one shovel ready project, the Northern Line extension. Two new stations, Battersea and Llinelms. If we want to regenerate Totland and Waltham Forest and that area that suffered so badly last year, then let's put in four tracking on the West Anglia line. While we're on that line, let's put in a high speed link to Stanstead because you can't hope to compete globally if your hub airport is running out of space or indeed has already run out of space. I speak of somebody who circled only on Friday morning, who circled like all of us over Croydon for about 15 minutes having come in. We left Dulles Airport perfectly on time. He flew all the way across the Atlantic, attended by blown faster and faster by warm Atlantic zephyrs. We got over London and we had to spend 15 minutes circling over Croydon. We had a perfectly beautiful place, of course, but a wonderful thing to do. As the captain told me, every 24 hours planes circling over London use £300,000 worth of unnecessary aviation fuel enough to send a flight from New York to China. I congratulate, by the way, the CBI, John Krillin on the campaign that you have been running to get more aviation capacity. I think it's an argument that you are winning and I think it's very, very important. But I must warn you that the Heathrow option is a shammer snare and a delusion. It will be no quicker to deliver a third runway, a short third runway at Sipson than to deliver a 24 hour hub elsewhere. By the time you've been through the legal challenges and the toxic political chaos, and by the time this short runway has been completed in 2026 or 2028, to the detriment, by the way, of millions of Londoners who will wake up feeling as though somebody is using a hairdryer next to their ear. That runway, that space will be overwhelmed with planes and then the Heathrow lobby will be clamouring, as they already are, for a fourth runway with truly disastrous environmental consequences, slap bang in the middle of London's western suburbs. And instead of making that planning error, a catastrophic planning error, we now have a historic chance to do the right thing, to seize the nettle where previous generations have failed, and to go for one of three excellent options that have been identified by TFL, options for a new four runway hub that will allow British business to think and act way beyond the miseries of the Eurozone. Only this solution will allow us to reclaim those routes to Asia, to the growth cities of Latin America that are now being colonised by our continental rivals and airports on the continent. And that option will allow London to reassert its lead, not just as the commercial, financial and cultural capital of Europe, but as the world capital of the Bricks. And if you look at the options in the estuary, you can see the potential for hundreds of thousands of new jobs in South East England, one of the most productive parts of the whole EU. I believe that the lesson of the Olympics is that we should be brave and that we should go for it. Because if those games, if that effort taught us anything, is that we have extraordinary abilities in construction and engineering. And when we plan and when the private and the public sector work together and we build a political consensus, then there is no limit to what we can achieve. And above all, if we did this, we will be being positive and ambitious about our future, which is what frankly we need to be at the moment. We need to abandon the rhetoric of austerity. Because if you endlessly tell people to eat nut cutlets and tighten their belts and wear a her shirt and all the rest of it, that is not in my view a recipe for economic confidence. You are putting a downer on growth and enterprise at a time when global opportunities are growing and not shrinking. The world economic pie was worth $32 trillion in 2000. By the time of the crash in 08 it had doubled to $62 trillion. But in spite of everything that's gone on, it is still growing fast now at $72 trillion. In the immortal words of G.W. Bush, we are making the pie higher. And we are. And London firms globally, collectively, we are making the pie higher, $72 trillion. It will be $82 trillion at this rate in just a few years time. London firms should be superbly placed to claim their slice of that ever escalating pie crust. We have the right time zone. We have the right language. We have 300 of the right languages. It is a great, great city to live in, I hope you agree. We're going through a neo-Victorian phase of investment in public transport. Crossrail, as you'll have seen, is making fantastic progress. We're drawing up a 2020 vision for all the improvements we need to make, including Crossrail 2. We already have the cleanest, greenest new bus in the world. We have a steadily falling crime rate 12 points down on where it was four years ago to pick a period entirely at random. We have the streets pollulating. The streets pollulating with beautiful, blue, burly, banker-funded bicycles. And you only have to think of that Olympic opening ceremony to see our lead not beiging into a cock hat, isn't it? See our lead in the creative and culture sectors. And it is to help tell that incredible story about London that this week I'm leading a business mission to India with banking, law, retail, infrastructure, all represented on the mission. By the way, 3% of the cost to the public purse of the mission to India led in 2007 by my predecessor, Mr Lewis. I just thought I'd make that point. And I'm doing it. I'm leading that mission because you should never underestimate this city's protein ability to find new markets around the world. We export. I never tower of telling you, members of the CBI, you export bicycles to Holland. Mosquito repellent. Definitely a CBI member who does this. Mosquito repellent to Brazil. TV antennas to Korea. Tea to China. Rice to India. Piers Morgan to America. Not just cake to France, as I think I may have told you. Not just cake, but I discovered the other day we sell lavender perfume and lavender oil and essence of lavender. Grown from south London lavender to France. Parfan de Bromley. Ode Wollington. And frankly, we can sell that. My friends, we can sell anything, can't we? And that is the achievement and that is the result of the imagination of British business. Ever since London was founded in 48 AD by a bunch of pushy Italian immigrants. London has benefited from the consciousness that we are a great global city and we will win if we think global and open ourselves to the world. Thank you very much indeed.