Responding to new ONS data indicating that the UK economy grew by 0.1% in November, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“These disappointing growth figures underline that the Government’s new year’s resolution must be to return our economy to the fast lane.
“The Spending Review gives Ministers the opportunity to prioritise measures that will deliver growth both now and over the longer-term. This should include a multi-year funding deal for Transport for London to keep the city moving and support its UK-wide supply chain, a more ambitious Affordable Homes Programme to tackle the housing crisis, and a new devolution settlement that gives the capital the tools it needs to drive growth.
“Quick wins such as removing the tourist tax and stamp duty on share transactions, both of which currently put the UK at a disadvantage to overseas rivals, could also help the economy shift gear.”