Responding to the Monetary Policy Committee’s decision to reduce the base rate to 4.5%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said: “Another interest rate cut will provide some solace to firms which are struggling to keep on top of the rising cost of doing business.
“With a sizeable employer national insurance hike now only two months away, however, it’s vital that the current spending review delivers the funding needed to match the Chancellor’s warm words on growth last week.
“Agreeing a long-term funding deal for Transport for London to drive investment across its UK-wide supply chain, expanding the Affordable Homes Programme to help tackle the housing crisis, and putting the capital’s devolution deal on a par with those agreed with other major UK cities would all help to restore business confidence and support growth.”