Responding to new ONS inflation figures, which show that the consumer prices index rose by 2.9% in the 12 months to July, Matthew Fell, Competitiveness Director at BusinessLDN, said:
“Just as it adds to the cost of living, rising inflation pushes up the cost of doing business.
“Ministers should act now to bolster business confidence as the fallout from the Iran war, a spike in energy prices and higher costs of employment are holding back firms across the capital and beyond.
“Making good on a manifesto commitment to overhaul business rates, postponing the introduction of a new levy that will make housebuilding more expensive, and ensuring the proceeds of any new overnight visitor levy for London are used to support growth would all help to put the economy on a surer footing.”