Responding to the latest GDP figures, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“The economy has remained resilient, but firms and households should be braced for storm clouds ahead. A triple whammy of ongoing strike action, stubbornly high inflation and rising interest rates will drag on growth and hit London hard. The government must pull out all the stops to boost growth, starting with reversing the decision to end VAT-free shopping for international shoppers.”