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SCC Comment on Interest Rate Announcement

[ 04-12-2014 ]

Liz Cameron, Director and Chief Executive, Scottish Chambers of Commerce comments on today’s announcement from the Monetary Policy Committee to keep the interest rate at 0.5%:


“With a volatile global economy, influenced by the economic stagnation in the Eurozone and Japan’s recession, keeping the interest rate at 0.5% is the right decision for Scottish businesses. Cost pressures are a continued challenge, and as the interest rate remains the same, businesses can look to the festive season with confidence. 


“The Chancellor’s Autumn Statement announced a major review for Business Rates – this is right. But we can move much faster in Scotland. Our focus should be on how we can reduce our cost base for Scottish business. With full control of the Business Rates tax in the hands of the Scottish Government, it’s time to implement the changes business is looking for and unlock new investment opportunities and create more jobs.”