Dee Corsi, Chief Executive, New West End Company, said: “The OBR’s growth downgrade today wasn’t unexpected, but it underlines the need for Government to focus on existing engines of economic growth, now more than ever. Our latest data projects 2.9% annual growth in the West End over the next decade, well above the national forecast. The West End is built on strong foundations, and targeted policy changes that unlock its potential would have an outsized impact on jobs, tax receipts, and growth across the UK.

“The Chancellor is right that stability matters, and the business community agrees. But stability alone is not a growth strategy. With a business rates system that still isn’t working for flagship high streets, and cost pressures continuing to mount, many businesses are heading into the new financial year under real pressure. We need policy that boosts business confidence and resilience, so the UK’s most productive places can better weather shocks at home and abroad.

“For the West End, that means a continued focus on destination competitiveness and protecting flows of international visitors, who spend first in London and then across the country. The West End is open for growth, and we are ready to work with Government to make that happen.”