Wednesday 13 September 2023
Responding to the latest ONS data on UK economy, James Watkins, Head of Policy and Public Impact at London Chamber of Commerce and Industry said:
"Small and medium-sized (SMEs) businesses in London have had a tough start to this decade with one setback after the other including COVID-19, the war in Ukraine, cost-of-living crisis, supply chain issues and incessant strikes that affect day-to-day operations. In such an atmosphere, ONS figures on further decline do not help in keeping up the morale and positivity of the London business economy. With growth in critical sectors of the capital's economy such as services and construction – the city is playing its part in driving the UK towards economic recovery. However, there is an urgent need for greater support for SMEs which are the linchpin of the London business economy. This means providing robust support on high energy prices and to boost tourism to London and the UK by removing the tourism tax so that there is VAT relief for overseas shoppers. We, therefore, urge Chancellor Jeremy Hunt to take these timely and critical steps in the upcoming Autumn Statement for the UK to ensure sustained economic growth."
ENDS
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