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David Kern, Economic Adviser to the British Chambers of Commerce, said:
"Today's MPC minutes confirm that prospects for global economic growth have continued to worsen and that the UK is slowing. Credit conditions for both households and businesses have clearly tightened. The minutes also confirm that although annual CPI inflation is likely to edge up in the short term, these upward pressures should fade later in the year in line with lower growth. Given the current balance of risks in the economy we urge the MPC to cut interest rates to 5% at the March meeting."
The British Chambers of Commerce (BCC) is the National Voice of Local Business.The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.
Commenting on the publication today of the MPC minutes relating to the meeting held on 5-6 December
Commenting on September CPI figures published today by the Office for National Statistics