Responding to new GDP figures showing that the economy grew by 0.1% in the final quarter of last year, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“With the economy stalling at the end of 2024 and many firms bracing for the impact of an employer national insurance hike, the Government needs to double down on its growth mission by taking steps to inject momentum into the economy.
“Measures that can deliver rapid payback include abolishing VAT on retrofitting existing buildings to accelerate the transition to net zero, scrapping the tourist tax to encourage more international visitors, and removing stamp duty on share transactions to improve the attractiveness of the UK as a place to list and invest.
“The forthcoming spending review should also prioritise measures which will help unlock billions in private investment, including a long-term funding deal for Transport for London to help the city keep moving and a more ambitious Affordable Homes Programme to tackle the housing crisis.”