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 cost of borrowing is a further distraction for many firms as they wrestle with high taxes on employment and global uncertainty.
“Against a backdrop of rising unemployment and slow growth, the Government should act now to boost hiring and investment.
“Building on planning reforms to accelerate delivery of major projects, ensuring any new overnight levy for London is structured in a way that promotes growth, and looking again at changes to the rates system that threaten investment would all help to bolster business confidence.”