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

Bio-Net-Gain-York-Property-Forum-at-York-Biotech-Campus

Planning ahead for Bio Net Gain requirements

By Head of Representation | 13 July 2023

Hard Rock Cafe to open in York

By Head of Representation | 13 July 2023

York & North Yorkshire Chamber backs anti-racism pledge

By Head of Representation | 7 July 2023

Coney Street Riverside backed by York & North Yorkshire Chamber of Commerce

By Head of Representation | 7 July 2023

Business leaders in Yorkshire remain confident despite widespread pressures

By Head of Representation | 6 July 2023

Government must act as a beacon for Net Zero

By Head of Representation | 28 June 2023