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Press Releases

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SCC: NO SURPRISES FROM BANK OF ENGLAND

[ 09-04-2009 ]

Commenting on the decision by the Bank of England's Monetary Policy Committee (MPC) to keep interest rates on hold at 0.5%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

 
"This decision by the Bank of England comes as no surprise.  Interest rates have reached a level where any further reduction would have an extremely minimal impact, and the MPC is right to maintain the current level at this time.
 
"We may in recent weeks have begun to see some embyonic evidence of a more open attitude from the banks on business lending, and it is hoped that actions taken by the UK Government over the past 6 months may be beginning to bear fruit at long last.  Nonetheless it is far too early to draw any definitive conclusions, and we urge the Bank of England and the Government to continue to take strong and clear action to tackle the underlying issues in the banking sector."
 

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