jason-briscoe-amLfrL8LGls-unsplash

Chamber responds to the Bank of England’s decision to cut interest rates

West & North Yorkshire Chamber of Commerce today welcomes the Bank of England’s Monetary Policy Committee’s decision to cut interest rates.

In a widely anticipated move, the Bank cut rates from 5 per cent to 4.75 per cent. This follows a further cut from 5.25 per cent to 5 per cent in August.

Mark Casci, head of policy and representation at the Chamber, said: “This will be seen as a welcome move by employers.

“The rate of interest has been consistently named among the leading cost pressures facing businesses in our Quarterly Economic Survey.

“A reduction in the cost of borrowing will ease pressures on businesses of all sizes who are grappling with additional challenges announced in the Autumn Budget last month.” 

Related content

British Chambers brings politicians together in push for export growth

By Head of Representation | 8 November 2023

The King’s Speech : a missed opportunity to assist business

By Head of Representation | 7 November 2023

New role for Sarah Czarnecki at the York St John University Business Clinic

By Head of Representation | 6 November 2023

Launch of the Multi-Cultural Christmas Tree

By Chamber Marketing | 3 November 2023

British Chambers welcomes further interest rate hold

By Head of Representation | 3 November 2023

Connecting the region’s manufacturers to new generations of talent

By Head of Representation | 27 October 2023