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

Bradford Chamber Leadership Group Elections 2024

By Chamber Marketing | 7 June 2024

A call for the rules around student visas to be loosened

By Head of Representation | 5 June 2024

Leeds Chamber Leadership Group elections 2024

By Chamber Marketing | 28 May 2024

A look back at the success of UKREiiF 2024

By Head of Representation | 24 May 2024

Addressing staff shortages in hospitality: the need for bespoke education

By Head of Representation | 22 May 2024

Easing inflation further supports rate-cut calls

By Head of Representation | 22 May 2024