Chamber responds to Bank of England interest rate cut

Mark Casci, head of policy and representation at West & North Yorkshire Chamber of Commerce, said: “The news that the Bank of England’s Monetary Policy Committee has cut interest rates by 0.25 per cent will be welcomed by businesses.

“Firms are struggling with cost pressures across the board so anything that eases these challenges will be treated as a positive.

“Business confidence has been falling for several months and the number of firms forecasting improved revenues is falling.

“What needs to happen now is a concerted effort by Government to ease overheads for firms. Doing so will unlock investment opportunities, boost trade, create jobs and bolster revenues for the Exchequer.”