Responding to the Monetary Policy Committee’s decision to hold the Bank of England base rate at 3.75%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“The war in Iran is creating a fog of uncertainty for firms around supply chains, inflation and interest rates.
“With growth flatlining, the Government needs to redouble its efforts to get the economy moving now.
“That’s why we’re calling on the Government to ensure emergency measures to tackle London’s housing crisis are in place long enough to boost housebuilding from rock bottom levels. Establishing a new Office for Tax Competitiveness would ensure we don’t hurt our economy by being out of kilter with international rivals. And removing international students from net migration figures would help to avoid it becoming an annual flashpoint given most voters recognise the value they bring to local communities and our economy.”