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SCC REACTION TO INTEREST RATE AND QE ANNOUNCEMENT

[ 08-10-2009 ]

Commenting on the decision of the Bank of England’s Monetary Policy Committee to keep interest rates on hold at 0.5% and continue with their current policy of quantitative easing, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
 
“It seems likely that interest rates will remain at their current levels for some time to come, so this month’s decision to keep them on hold comes as no surprise.
 
“In terms of the policy on quantitative easing, we believe that the risks to the economy continue to be through the high cost of credit available to Scottish businesses and that the Bank of England must therefore look to extend its policy at the earliest opportunity.  We understand that these things do take time to work their way through into the ‘real economy’, but at the moment, the inflationary risks are minimal and support to business has to be the top priority.  This is a point we will be emphasising to the Bank of England’s Monetary Policy Committee during their visit to Scotland later this month.”
 

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