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Monetary Policy Committee: SCC Comment

[ 03-08-2017 ]



3rd August 2017

SCC Comment on Interest Rates Announcement 

Commenting on the Bank of England's decision to keep benchmark interest rates unchanged at 0.25%, Liz Cameron, Chief Executive, Scottish Chambers of Commerce said:

"With GDP growth sluggish in the near term and squeeze on households' real incomes continuing to weigh on consumption, the decision to hold interest rates at 0.25% is unsurprising.

"Although, our most recent Quarterly Economic Indicator revealed broadly positive signs in terms of business performance across most sectors, it also indicated stark challenges ahead. There is a risk that recent falls in real earnings could impact the wider economy, particularly as consumer demand drives around three-quarters of Scotland's economic growth.

"Co-ordinated action from Scottish and UK Governments is needed to mitigate these risks and enable a more robust investment environment and reinforce business confidence. Reducing the cost burden of doing business is an immediate step that can be taken to ensure business has the ability to invest in its assets like world leading digital connectivity and investing in people and talent."