Responding to latest inflation figures, which show the consumer prices index rose by 2.8% in the 12 months to February, above the Bank of England’s 2% target, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“With inflation stubbornly above target, and next week’s employer national insurance hike looming, businesses are looking for a clear plan to stimulate growth.
“Official forecasts published later today are expected to show that the green shoots of recovery have not yet sprung for the UK economy so a Spending Review that prioritises funding for growth-enhancing projects – alongside an industrial strategy that promotes joined-up thinking across government – is a must.
“A long-term funding deal for Transport for London, a more ambitious Affordable Homes Programme building on recent funding announcements, and greater devolution to the capital to give City Hall more powers to deliver would all help to put rockets under the Government’s growth mission.”