Responding to new ONS inflation figures, which show that the consumer prices index rose by 3.6% in the 12 months to October, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Easing inflation will offer a degree of relief for firms but what businesses really need is for the Chancellor to put an end to damaging uncertainty by delivering a Budget that backs growth.
“With many firms pausing investment decisions until after the Budget, it’s vital that any tax increases announced next week do not hit already fragile business confidence.
“The Government should instead help unlock London’s full growth potential by backing infrastructure projects that can crowd in investment in housing, cutting stamp duty on share transactions to put the UK on a par with other financial centres, and abandoning plans for a new levy on international students that will harm the UK’s global competitiveness.”