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SCC COMMENT ON INTEREST RATES

[ 05-05-2011 ]

Commenting on the decision by the Bank of England’s Monetary Policy Committee (MPC) to keep interest rates on hold at 0.5%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said: 

 
“This was a crucial month for the MPC in terms of its interest rate policy and with the conflicting evidence on the state of the recovery, combined with last month’s fall in inflation, we believe that they have made the right decision to keep rates on hold.
 
“In a Scottish context, we are only just beginning to see the effects of public spending cuts filtering through into the real economy, whilst the Scottish Parliamentary elections have added to the uncertainty over the future relationship between Government and business.  With these behind us, we must work with the new Scottish Government to ensure that as much support as possible is delivered directly to businesses and away from public sector intermediaries.  This will deliver efficiency and allow the Government to maintain or improve services to business whilst at the same time reducing costs.
 
“The Bank of England must be sure that the recovery is well and truly cemented before beginning the process of returning interest rates to normal levels.  Recent data shows that we are not quite there yet.”

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