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

BCC Director General responds to Prime Minister’s resignation

By Head of Representation | 20 October 2022

Chamber reacts to PM’s commitment to NPR station in Bradford

By Head of Representation | 3 October 2022

Countdown begins to October’s inclusive and interactive manufacturing fortnight

By Chamber Marketing | 26 September 2022

Join the plan to improve local skills

By Chamber Marketing | 26 September 2022

Rise in interest rate puts spotlight on mini-budget

By Chamber Marketing | 22 September 2022

Energy support for business a clear step in the right direction

By Chamber Marketing | 21 September 2022