Responding to new ONS inflation figures, which show the consumer prices index rose by 3% in the twelve months to January, ahead of the Bank of England’s 2% target, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:

“The rising cost of doing business is making it harder for many firms to invest, hire and expand, even before April’s hike to employers’ national insurance takes effect.

“The Government should act now to boost growth with quick wins that will help to get the economy moving, such as abolishing VAT on retrofits for existing buildings, reinstating tax-free shopping for international visitors, and removing stamp duty on share transactions.

“The spending review should also prioritise measures which will pave the way for additional private investment, including a long-term funding deal for Transport for London to keep the city moving and support its UK-wide supply chain, as well as a more ambitious Affordable Homes Programme to tackle a housing crisis which is costing the capital’s councils £4 million every day.”