Firms face “triple whammy” of borrowing costs, rising prices and low growth as rates held

Responding to the Bank of England Monetary Policy Committee’s decision to maintain the base rate at 4.75%, Muniya Barua, Deputy Chief Executive at BusinessLDN, said: “Many businesses are up against a triple whammy of high borrowing costs, rising prices and flatlining growth.

“Next year’s national insurance and minimum wage hikes are weighing on hiring and investment decisions, which is why we now need to see the Government deliver a growth-boosting spending review.

“At a time when boroughs across London are spending £4m a day on temporary accommodation, providing greater long-term funding for housing and transport is essential so that the capital remains an affordable place to live and work. And ‘quick wins’ such as scrapping the tourist tax and stamp duty on share transactions would send a clear message that the UK is open for business.”