Responding to the Monetary Policy Committee (MPC)’s decision to hold the base rate at 5%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“With high borrowing costs weighing on many companies and consumers, the need for a pro-growth Budget becomes more pressing.
“The Government must prioritise interventions which will leverage additional private investment. These include confirming tunnelling contracts so that HS2 can reach a regenerated Euston and agreeing a long-term Transport for London funding deal to keep the city moving and unlock thousands of new homes.
“Delivering on planning reforms to support development, devolving power to support local growth, and reinstating tax-free shopping for global visitors would send a clear message that we are open for business ahead of next month’s International Investment Summit.”