RESPONDING TO THE BANK OF ENGLAND INTEREST RATE INCREASE, MUNIYA BARUA, DEPUTY CHIEF EXECUTIVE AT BUSINESSLDN, SAID
“This 13th consecutive rise in interest rates will feel unlucky for indebted businesses and households, even though it will benefit those firms and savers with cash in the bank.
“Getting inflation under control is vital for economic success, but any further rate hikes in the coming months will hit London hard. This underlines the need to boost business through cost-effective measures, such as restoring VAT-free shopping for international visitors. This would support growth by attracting more high-spending tourists, generating £4.1billion gross added value annually and creating 78,000 Âá´Ç²ú²õ.â€