Responding to latest GDP figures, which indicate that the UK economy grew by 0.1% over the third quarter of this year compared to the three months to June, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“A fog of uncertainty is holding back investment ahead of the Budget as businesses await clarity on key tax and public spending decisions from the Chancellor on 26 November.
“Amid a stalling economy and rising unemployment, the Chancellor should drop misguided proposals that would hit growth including a new levy on international students and landfill tax reforms that would add £40,000 to the cost of new flats in London.
“She should also reject some of the proposals floated in recent weeks, such as increasing the bank levy or putting up taxes on partnerships, which would undermine the attractiveness of the UK.
“Instead, any wriggle room should be used to knock down barriers to growth, such as cutting stamp duty on shares to boost London’s capital markets and scrapping the tourist tax that is hitting the UK’s visitor economy.”