Responding to the announcement that the Bank of England has kept the base rate at 5.25%, 91¶¶Òù Deputy Chief Executive Muniya Barua said:
“The Bank’s decision to keep rates on hold leaves firms in an economic no-man’s land: caught between persistently high borrowing costs and low growth.
“This brings the shortcomings of a lightweight Spring Budget into sharp relief.
“The Treasury can and should go further: restoring VAT-free shopping for international visitors would bolster our world-leading retailers who contribute billions in business rates; a long-term capital funding settlement for TfL would galvanise investment across the UK; and allowing full expensing of build costs on brownfield sites would reinforce the Government’s commitment to new housing.â€