Responding to new ONS inflation figures, which show the consumer prices index rose by 3.4% in the year to May, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“As inflation remains stubbornly above target, many firms across the capital are struggling with high operating costs on top of April’s hike to employer national insurance contributions.
“Last week’s Spending Review missed an open goal by not backing several shovel-ready projects in the capital. The Government’s imminent infrastructure and industrial strategies must now seize the opportunity to unlock the full potential of London by delivering key projects and a more joined-up approach across Whitehall to kickstart the economy.
“This should include outlining how the Government intends to work alongside investors on delivery of shovel-ready projects across London, such as the DLR to Thamesmead and the Bakerloo line extension which together would unlock thousands of new homes.”
