WNY Chamber welcomes decision to cut interest rates

West & North Yorkshire Chamber of Commerce welcomes the news that Bank of England’s Monetary Policy Committee (MPC)’s decision to cut interest rates.

As was widely expected, the MPC reduced interest rates from 4.25 per cent to 4 per cent, the lowest level in two years.

The Chamber’s head of policy and representation Mark Casci said: “This is welcome news for business leaders who have dealt with high rates of borrowing for some time now.

“With the tax burden at a generational high for businesses, any help we can get for businesses is to be welcomed. Indeed, the Bank itself in its report noted our most recent Quarterly Economic Survey which showed well over half of firms reporting increasing concern about taxation.

“Hopefully the forecasts that further cuts are likely in the next 12 months will prove correct.

“Meanwhile, businesses need to see sustained action on economic growth if they are to regain the confidence to invest.

“Crucial to this must be a commitment from Government not to raise taxes by so much as a penny at the forthcoming Autumn Budget.”