In the report, London's Contribution in the UK concluded that regional inequalities could be fixed by increasing overall spending rather than cutting London's funding. It said that cutting off government spending in the capital would hurt the tax revenues on which investment around the UK is dependent.
It found that people outside London did not resent the capital. They were not convinced by arguments about the value of the City financial sector to the UK economy, in terms of tax revenue.
This London-plus tourism is estimated to contribute more than 640 million dollars a year, due to the fact that these visitors spend between 24% and 64% more nights in the UK than those who just visit one location, according to the report.
The recent cuts to Arts Council funding have raised doubts about the future of institutions like the English National Opera. 24 m of annual funding will be diverted outside of the capital under the plans.
Claire Harding, research director, said that levelling up could help everyone in the UK, but only if it is done properly. It must not be seen as an opportunity to create division between places or reduce London's funding, because it is not a strategy that the public want and would only threaten the economy.