Responding to the Monetary Policy Committee decision to reduce the base rate to 4.75%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said: “This small rate cut will provide a measure of relief for many households and firms struggling with high borrowing costs and concerned about the tax hikes announced in the Budget.
“With rising taxes weighing on business confidence, it’s vital that the Chancellor’s Mansion House speech makes further progress towards unlocking investment.
“Looking ahead, next year’s spending review should include a longer-term funding deal for Transport for London to support the city’s future growth, put the capital’s devolution deal on a par with other trailblazer regions and provide further public investment to tackle the city’s housing crisis.”