Responding to the Monetary Policy Committee’s decision to cut the Bank of England base rate from 4.25% to 4%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“This small rate cut will provide a measure of relief for those firms and consumers across the capital who are struggling with debt or seeking to borrow.
“With the economy stuck in first gear and the hike to employer national insurance contributions still hitting hiring intentions, however, the Chancellor needs to act to boost business confidence as we head towards the Autumn Budget.
“Embracing innovative funding models would help deliver a shovel-ready extension to the Docklands Light Railway to boost growth and unlock new homes. Ensuring at least one of the Government’s new towns are based in London would help to meet huge housing need. And reinstating VAT-free shopping would provide an immediate shot in the arm for the UK economy, bringing London and other cities around the country in-line with competitors on the continent.”