Responding to new economic growth figures, which indicate that GDP fell by 0.3% in April, Muniya Barua, Deputy Chief Executive at BusinessLDN, said: “April’s hike to employer national insurance contributions coupled with rising costs and uncertain trading conditions for many firms is weighing on the economy.
“The Government’s growth mission can only be achieved if London is firing on all cylinders, given the capital contributes a quarter of the nation’s economic output.
“Yesterday’s Spending Review missed an open goal for boosting growth by failing to back shovel-ready projects like the DLR to Thamesmead and Bakerloo line extension. All eyes are now on the upcoming 10-year infrastructure framework and industrial strategy to see if they enable London to play its full part in delivering the growth mission.”
