Responding to the release of new GDP figures, which indicate that the economy grew by 0.1% in May of this year, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“It’s disappointing that the economy is stuck in the slow laneas the Iran war and political instability in Westminster continue to drag on business confidence.
“It’s critical that Andy Burnham doubles down on steps to accelerate growth, which is the only sustainable way to deliver the incoming government’s broader agenda.
“That means the new Prime Minister’s devolution revolution must give London – alongside other parts of the country – the tools it needs to better meet local needs. It also means incentivising investment by improving our tax competitiveness, including on business rates and stamp duty. And it’s vital that ministers continue to support shovel-ready projects such as Heathrow that can unlocks billions of private investment and play a major role in driving growth across the country.”