Chamber reacts to Bank of England interest rate cut
Reacting to the Bank of England’s Monetary Policy Committee’s decision to cut interest rates to a historic low of 0.1%, Scott Knowles, Chief Executive at East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire), said:
“The decision to cut interest rates to their lowest ever levels leaves us in no doubt as to the immediate challenges we are facing as a business community here in the East Midlands and as a country.”
“While the measures announced this afternoon may offer a short-term boost to market confidence – indeed the value of the Pound immediately rose as a result – it is unlikely to have much long-term effect unless it translates to tangible support for businesses on the ground.”
“It is imperative that the Bank of England works with financial institutions without delay to ease cash flow challenges for firms in these unprecedented times.”
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