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BCC welcomes emergency cut in interest rates

08/10/08 | 12:25

News that the Bank of England has just made an emergency cut in interest rates by a half point is welcomed by British Business.

Commenting, Director-General of the British Chambers of Commerce (BCC), David Frost, said:

“We are thrilled that the Bank of England has taken this bold and necessary step.

“The economy has been facing an emergency, and the MPC could not afford to wait. This cut will, for now, steady the markets and inject much needed confidence.

“Alleviating the dangers of a major downturn must be the overriding priority for the MPC right now.

“Over the next four months, interest rates must be cut to four per cent as a minimum.”

Ends

Media Contacts:

Fiona Cunningham
Tel: 020 7654 5812
Email: f.cunningham@britishchambers.org.uk

Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk

Notes to Editors:

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.

Other related links: Clamour for higher interest rates will be damaging for the economy
[15/06/08 00:01]

Commenting on recent developments in the outlook for interest rates; MPC must not use up all its bullets too early
[04/11/08 17:25]

The British Chambers of Commerce (BCC) is urging the MPC to cut interest rates by half a point on Thursday to 4 per cent, with a further half point cut to 3.5 per cent by Christmas.

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