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Press Releases

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SCC WELCOME EXTENSION IN QE BUT CALL FOR UK GOVERNMENT TO MAXIMISE SUPPORT FOR BUSINESS

[ 06-10-2011 ]

Commenting on the decision by the Bank of England’s Monetary Policy Committee to extend Quantitative Easing (QE) by £75 billion and keep interest rates on hold at 0.5%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
 
“We have been encouraging the Bank of England for some time now to extend its policy of Quantitative Easing and we are pleased that it has now taken positive action.  It has been clear that the UK economy is facing a challenging year and this week’s news that second quarter growth has been revised downwards to just 0.1% underlines the need for action to bolster the recovery.  This extension to QE is a welcome start.
 
“As the Chancellor prepares for his autumn statement, it is clear that he must approach this with a view to stimulating growth to support the action being taken by the Bank of England.  The Scottish Government has already indicated that it will be diverting resources into its capital budget and this is the kind of thinking we need at Westminster too if we are to support Scottish businesses and lay the building blocks for future growth.”

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