Rachel Reeves has been told that businesses are finding the going tough. (Image: Getty)
Rachel Reeves has been told that UK businesses have had to "hit the brakes" after she hiked taxes on employers. Sanjay Odedra, Director of Communications and Campaigns at BusinessLDN, said: “With inflation accelerating and growth slowing, many firms across the capital are hitting the brakes on hiring and showing caution on investment as they grapple with the cost of doing business." She added: "The upcoming Autumn Budget is an opportunity for the Government to turn positive rhetoric on growth into reality.
"It’s vital that businesses do not bear the brunt of any future tax increases as they continue to feel the impact of April’s hike to employer national insurance contributions." The expert urged the Chancellor to "instead prioritise measures that will boost the economy and encourage private investment". Mr Odedra backed three moves to this effect.
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He said: "That includes giving the green light to airport expansion plans across London and the south east to meet surging demand, backing innovative funding models that can help to pay for shovel-ready projects such as the DLR extension to Thamesmead, and scrapping the tourist tax so the UK can compete on a level playing field with our rivals on the continent when it comes to attracting high-spending visitors."
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Businesses in London are struggling amid high business costs, experts suggest. (Image: Getty)
Ms Reeves gave the green light to an expansion of Heathrow Airport in January, and said: “We are one step closer to expanding our biggest airport – boosting investment in Britain, increasing trade for businesses, and creating up to 100,000 jobs.”
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The airport has said it can build a third runway for ￡21billion within a decade, and has submitted plans to the Government for a new full-length runway, but insisted it is open to considering a shorter one.
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Hotel tycoon Surinder Arora has published his own Heathrow expansion plan, which rivals the proposal from the airport’s owners.
Transport for London's (TfL) second consultation on proposals to extend the DLR to Beckton Riverside and Thamesmead is open.
The authority says: "We're working with these partners and Homes England to maximise local and regional funding. We're also finding ways to reduce costs and create efficiencies, but Government support is needed because of the size of the project.
"We have submitted a full Strategic Outline Case to Government - we need a contribution towards funding the progress to the Outline Business Case stage.
"Government capital funding would also be necessary to begin construction as early as 2028. This would enable us to open to customers in the early 2030s."
Inflation has risen once again in the UK, figures suggest. (Image: Getty)
There are “no plans” to introduce a tourism tax in England, Downing Street said in July, amid claims that Angela Rayner’s efforts to bring one in were rebuffed by the Treasury.
The Deputy Prime Minister had been pushing for councils to be allowed to introduce a tax on tourism in their areas as part of the Government’s devolution agenda, according to several media reports.
It was revealed this morning that UK inflation rose by more than expected in July as demand for summer travel pushed up air fares and food prices continued to climb, according to official figures.
Consumer Prices Index (CPI) inflation increased to 3.8% in July, from 3.6% in June, the Office for National Statistics (ONS) said.
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Kris Hamer, director of insight for trade body the British Retail Consortium, said: “Households are once again seeing the cost of their weekly shop climb, with food inflation now up by 1.9 percentage points in just four months.
“This surge has been a key driver behind headline inflation, alongside a rise in transport costs, piling fresh pressure on families already being forced to cut back.
“The Bank of England has been clear that Government policies, which have driven up the costs of employment, are fuelling price rises at the till, while poor harvests and global instability have also added further cost pressures.”
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