Responding to the Monetary Policy Committee’s decision to increase the Bank of England base rate to 4.0%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said: “Rising borrowing rates are pushing up the cost of doing business for many firms at a time when they are already facing higher energy prices and employment costs.
“While the Budget provided some limited respite for households, the Government now needs to go further and faster to remove regulatory blockers that prevent businesses from getting things done quickly and add unnecessary costs.
“Ministers must ensure all departments and regulators pull together in the same direction to support growth. Alongside this, fulfilling a manifesto pledge to overhaul business rates would support investment. And the Government should ensure it’s full steam ahead on fiscal devolution to ensure that London and other regions can press ahead with vital infrastructure projects.”