Responding to the Monetary Policy Committee’s decision to hold the Bank of England base rate at 4%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Higher rates may benefit savers, but for many firms the rate of borrowing will add to the costs of doing business and their fears about what the Autumn Budget may bring.
“It’s crucial that businesses do not bear the brunt of any future tax increases, with April’s national insurance hike weighing on hiring and investment.
“Bold growth-boosters like ending the tourist tax and axing stamp duty on share transactions are required to get the economy moving. Working with the private sector to deliver transport projects to unlock sites for new towns in London and beyond will lock in growth for the long-term.”