Responding to the release of new GDP figures, which indicate that the economy shrank [by 0.1% or more] in April of this year, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“It’s concerning to see the economy taking a step back after a strong start to the year as the Iran war overseas and political uncertainty at home continue to weigh on firms.
“Whatever the outcome of events in Westminster over the coming weeks, it’s vital that the Government recommits to its central growth mission.
“Delivering on a manifesto pledge to overhaul business rates and ensuring the proceeds of any new visitor levy for London are used to promote the city would both help to bolster business confidence.
“With the housing sector having already made around £6bn in additional safety commitments, Ministers should also postpone the introduction of a new Building Safety Levy to support delivery of urgently needed homes.”