Responding to new GDP figures indication that the economy contracted by 0.1% in January, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“With the economy flatlining and firms braced for a hike in employment costs, the onus is on the Government to puts its money where its mouth is and prioritise growth-enhancing spend in the forthcoming Spending Review.
“Reinstating tax-free shopping for international visitors and scrapping stamp duty on share transactions would help kickstart the economy quickly by sending a clear message to shoppers and investors alike that the UK is open for business.
“Over the longer-term, measures such as a multi-year Transport for London funding deal to keep the capital moving and a more ambitious Affordable Homes Programme to help tackle the housing crisis will give firms the confidence to continue investing in London.”