Responding to new ONS inflation figures, which show that the consumer prices index rose by 3.4% in the 12 months to December, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“Stubbornly high inflation is weighing on firms against a backdrop of global trade uncertainty, high employment costs and April’s looming business rates revaluation.
“With businesses across London grappling with headwinds to hiring and investment, the Government must now double down on its growth mission.
“Accelerating delivery of major infrastructure projects that can unlock sites for new homes, reforming the business rates system so it’s not a blocker to investment, and designing any new overnight stay levy for London so it is focused squarely on growth would all help to kickstart the capital’s economy over the months ahead.”