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:
“High borrowing rates are yet another headwind for many businesses faced with the fallout from the Iran war and rising cost pressures.
“The Government has taken welcome action to address the cost-of-living and this should now be matched by steps to tackle the cost-of-doing business to encourage hiring and growth, including by delivering on its manifesto pledge to overhaul business rates.
“Following through on the commitment to allow local leaders to retain more of the taxes raised in their areas to incentivise regional growth, ensuring any new overnight visitor levy for London is used to increase tourism, and backing major infrastructure projects that support UK-wide supply chains would also help to give the economy a much-needed boost.”