RESPONDING TO THE BANK OF ENGLAND INTEREST RATE INCREASE, MUNIYA BARUA, DEPUTY CHIEF EXECUTIVE AT BUSINESSLDN, SAID:
“Getting inflation under control is vital for economic success, but it’s clear that rate hikes are starting to bite. This underlines the need for the Government to identify measures that will bolster flagging growth – from implementing planning reform and reforming the apprenticeship levy to rejoining Horizon Europe. Restoring VAT-free shopping for international visitors could also provide a £10bn boost to the economy. It’s great to see tourists flocking back to London this summer, but it’s important that they choose to spend while here rather than in Paris, Madrid or Milan.”