Responding to the release of ONS GDP figures which indicate that economic growth slowed to 0.3% in the three months to June, Matthew Fell, Competitiveness Director at BusinessLDN, said:
“After an encouraging start to the year, this data shows that the economy slowed to a crawl as businesses were forced to absorb higher employment costs and navigate an uncertain global trading environment.
“The Chancellor should prioritise steps to boost business confidence and growth in her Autumn Budget. That includes working with the private sector to get shovels in the ground on major projects such as extending the Docklands Light Railway to Thamesmead, which would help to unlock tens of thousands of new homes.
“Reinstating VAT-free shopping on goods for tourists would also help London and the UK compete for spending with continental competitors. And scrapping plans for a new higher education levy on overseas students would help us seize an opportunity to attract top global talent at a time when some of our rivals are pulling away the welcome mat.”
