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CONTINUING RECESSION DEMANDS FURTHER ACTION FROM MPC
[ 23-10-2009 ]
Commenting on the news that UK GDP has fallen for the sixth consecutive quarter, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
“This is disappointing news but it serves to underline the challenges that Scottish businesses continue to face in the current economic climate. Whilst many had anticipated a rise in GDP in the third quarter, our own Scottish Chambers of Commerce survey this week had pointed to a much more mixed picture, with the positive picture for manufacturing and tourism counterbalanced by continued weak trading conditions for both construction and, to some extent, retail.
“In this context, the visit to Scotland this week by the Bank of England’s Monetary Policy Committee was extremely important. With the Bank’s current asset purchase scheme reaching its current limit of £175 billion, these latest GDP figures together with the low inflation rate make a strong case for additional quantitative easing measures to be introduced when the Monetary Policy Committee next meets in early November.”
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