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BANK MUST KEEP INTEREST RATES LOW DESPITE INFLATION RATE

[ 17-08-2010 ]

Commenting on today’s inflation figures, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

 
“Despite the fact that inflation remains above target, the news that it has fallen again – albeit marginally – is welcome.  Whilst the Bank of England must continue to keep a close eye on inflationary pressures on our economy, it must maintain low interest rates for as long as possible in order to give business the best possible environment in which to lead our economic recovery.
 
“The greater risk to our economy at present lies in failing to maintain growth rather than through high inflation.  VAT rises next January coupled with higher fuel pries are likely to keep inflation above target for a period, but this is not the time to begin increasing interest rates.  There will be plenty of time for that once the recovery is cemented.”
 

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