Responding to latest GDP figures, which indicate that the economy showed no growth in July, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“It’s concerning to see that the economy struggled to gain momentum in July, even as Londoners headed out to enjoy the weather and sports fans celebrated another title for the Lionesses. April’s hike to employment costs continues to hamper hiring and investment, so it’s vital that the Budget doesn’t heap further tax increases on businesses.
“The Government should focus on interventions that will crowd in investment and support growth. These include working with the private sector to deliver major infrastructure projects, such as extending the Docklands Light Railway to Thamesmead, ending the tourist tax which puts the UK at a disadvantage to European competitors, and abandoning plans for a new higher education levy which would damage the competitiveness of our world-leading universities.”