Responding to the GDP monthly estimate, Muniya Barua, Deputy Chief Executive at BusinessLDN, said:
“The date released today show that the economy is still stuck in the slow lane. The Chancellor needs to use next week’s Budget as the catalyst for sustainable economic growth. There are several low-cost measures that could provide an immediate boost, including reforming the apprenticeship levy to encourage greater take up and further devolution of regional pots of government funding so spending can be targeted where needed locally. The decision to end tax-free shopping, which is vital to attracting big spending international tourists, should also be reviewed.
“With strikes on the Tube and rail due to wipe out much of the working week, businesses and Londoners will also be hoping that both sides are edging closer to resolving this long-running industrial action which will inflict further damage on the economy .”
