Responding to the release of new GDP figures, which indicate that the economy grew by 0.4% in July of this year, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Whilst it’s positive that the World Cup helped the economy outperform expectations in July, firms continue to be held back by soaring overheads, high employment costs and the fallout from the Iran war. Against that backdrop, it’s vital that the Chancellor delivers a pro-business Budget next month.
“Ensuring that the Government’s devolution revolution unleashes London’s full potential as an economic powerhouse for the whole UK will be key to boosting growth. Ministers should also make good on a manifesto commitment to overhaul business rates, maintain momentum behind major, shovel-ready infrastructure projects such as expansion at Heathrow and look again at the introduction of the Building Safety Levy – a tax on new homes – to unlock investment.”