Business pleased with one per cent rate cut
04/12/08 | 12:03
Commenting on today’s MPC decision, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
"We are pleased with the MPC’s decision to cut interest rates by one per cent.
“The less than impressive reaction to the PBR, and worrying signs that UK activity is falling sharply, make it critically important for the MPC to persevere with aggressive rate cuts. The UK economy faces serious risks.
“There is a clear danger that unemployment will increase even more dramatically without urgent counter-measures. We strongly urge the MPC to cut interest rates by at least a further half per cent at its January meeting.”
Ends
Media Contacts:
Fiona Cunningham
Tel: 020 7654 5812
Email: f.cunningham@britishchambers.org.uk
OR
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.