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East Midlands Chamber News

Chamber Welcomes Further Rate Hold

Commenting on today's decision by the Bank of England's Monetary Policy Committee to keep interest rates on hold again for April, George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: "Today's decision to hold the base rate of interest at its current level for another month is welcome.

"There are still ongoing concerns about inflation, so any future increase should be postponed until the recovery is more secure, as a premature rise could still have an adverse affect on growth and jobs. However, the Chamber does recognise the probability that rates will rise at some point this year, possibly as early as June.

"As businesses will need to factor any future rises into their plans, the Bank of England must provide more certainty over the future course of interest rates by ending the constant speculation over when any increase might happen, which will give firms and market analysts a greater degree of predictability."