Responding to the Monetary Policy Committee’s decision to hold the Bank of England base rate at 3.75%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Businesses are wrestling with high borrowing rates at a time when the Iran war is pushing up energy prices and employment costs are rising.
“Against that backdrop, the Chancellor must present a Budget next month which helps to bring down the cost of doing business and supports delivery of the homes and infrastructure that London needs to grow.
“Incentivising local leaders to back growth-enhancing infrastructure projects through innovative delivery models, fulfilling a manifesto pledge to overhaul business rates, and looking again at implementation of the Building Safety Levy – a tax on new homes – would all help to put momentum behind the economy.”