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Press Releases

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SCC COMMENT ON INTEREST RATES

[ 07-05-2009 ]

Commenting on today's decision be the Bank of England's Monetary Policy Committee to leave interest rates on hold at 0.5%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce said:

"Interest rates are now at a level where further reductions would have a very limited stimulatory effect on our economy.  However with RPI inflation now firmly in negative territory and with the UK Government expecting further falls in inflation to around -3% by September, the focus must fall on the Bank of England's use of quantitative easing as a mechanism to boost our economy.

We have consistently argued that the Bank's use of these measures must be transparent, with measurable results.  As many businesses across Scotland look forward to an upturn in fortunes, perhaps by the spring 2010, it is vital that the Bank is seen to be delivering the right platform for the future economic growth."

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