Chamber welcomes cut to interest rates

West & North Yorkshire Chamber of Commerce today welcomes the decision of the Bank of England to cut interest rates. 

The reduction in the rate of interest to 5 per cent will give thousands of small firms around the country some much needed breathing room and potentially lead to business owners pressing ahead with investment plans that had previously remained on hold.  

Mark Casci, head of policy and representation at West & North Yorkshire Chamber of Commerce, said: “The decision by the Monetary Policy Committee to cut the rate of interest will be welcomed by our members. 

“Interest rates were continually cited in our last few Quarterly Economic Surveys as among the chief cost pressures faced by business, so this move will give firms some relief.  

“British Chamber of Commerce’s economic forecast expected this cut, as well as a further reduction by December, bringing the interest rate to 4.75 per cent by the end of the year.”