Responding to new ONS inflation figures, which show that the consumer prices index rose by 2.8% in the 12 months to May, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Rising prices linked to the Iran conflict have been weighing on firms for months now, and it will likely take time for the economy to normalise following the reported agreement to end the war.
“With companies also up against political uncertainty and high employment costs, it’s vital that whatever the outcome of any leadership contest, the Government refocuses on its growth mission.
“That means delivering on a manifesto pledge to overhaul the business rates system, designing any new visitor levy for London so its proceeds are used to promote the city, and establishing an Office for Tax Competitiveness to ensure the capital is keeping pace with other global cities when it comes to attracting investment.”