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Press Releases

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BANK OF ENGLAND MUST LOOK BEFORE THEY LEAP

[ 07-04-2011 ]

Commenting on the decision by the Bank of England’s Monetary Policy Committee to keep interest rates on hold at 0.5% for a further month, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
 
“Following weeks of conflicting economic data, it is unsurprising that the Monetary Policy Committee have held fire on interest rates once again.  Although inflation remains high in relation to the government target, this does not yet seem to be fuelling rising wage demands.
 
“Interest rates will inevitably be ratcheted back up to more normalised levels, but we need to see more evidence of our economy returning to normal growth levels before this can be done safely with the minimum of risk to the upturn.
 
“All eyes will be on official data and business surveys over the next few weeks to see whether an early rise in interest rates can be justified.”

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