Responding to latest GDP figures, which indicate that the UK economy shrank by 0.1% in October, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Budget uncertainty weighed heavily on the economy in October and high employment costs, inflation and geopolitical uncertainty are now having a chilling effect on businesses as we head into the festive season.
“With the Budget forecast to have no meaningful impact on growth, it’s vital that the Government focuses on measures to shore up business confidence.
“Moving forward with delivery of major infrastructure projects, reforming the business rates system so it doesn’t stifle investment and ensuring a proposed levy on overnight stays in London is used to promote growth would all help to give firms some festive cheer.”