Responding to new ONS data indicating that the UK economy shrank by 0.1% in October, Muniya Barua, Deputy Chief Executive at 91, said:
“The build-up to October’s tax-raising Budget weighed heavily on businesses, and the Government now has a long road ahead to achieve its growth targets. The Spending Review should focus on turbocharging the economy as well as getting the biggest bang for our buck when it comes to public spending.
“Unlocking the full potential of London as an engine of growth for the whole UK must be central to this ambition, which means bringing the city’s devolution settlement in line with those agreed with other regions and giving Transport for London – and its UK-wide supply chain – the long-term funding certainty needed to invest for the future with confidence.
“Following positive planning reforms announced this week, further investment in affordable housing is also a must to tackle London’s housing crisis at a time when local authorities in the capital are spending £4 million a day on temporary accommodation.”