Responding to ONS inflation figures showing the consumer prices index rose by 3.8% in the twelve months to July, Sanjay Odedra, Director of Communications and Campaigns at BusinessLDN, said:
“With inflation accelerating and growth slowing, many firms across the capital are hitting the brakes on hiring and showing caution on investment as they grapple with the cost of doing business.
“The upcoming Autumn Budget is an opportunity for the Government to turn positive rhetoric on growth into reality. It’s vital that businesses do not bear the brunt of any future tax increases as they continue to feel the impact of April’s hike to employer national insurance contributions.
“The Chancellor should instead prioritise measures that will boost the economy and encourage private investment. That includes giving the green light to airport expansion plans across London and the South-East to meet surging demand, backing innovative funding models that can help to pay for shovel-ready projects such as the DLR extension to Thamesmead, and scrapping the tourist tax so the UK can compete on a level playing field with our rivals on the continent when it comes to attracting high-spending visitors.”