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BCC: Interest rates must stay low to protect businesses

Date Added: 06/09/2010  

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Interest rates need to stay low in order to protect firms needing company debt advice, according to the British Chambers of Commerce (BCC).

The Bank of England's Monetary Policy Committee is meeting later this week to discuss whether or not interest rates should be changed for the first time since March 2010, since when they have been at a record low of 0.5 per cent.

David Kern, chief economist at the BCC, stated that the committee cannot afford to get complacent, despite the Office for National Statistics recently upwardly revising growth figures for the second quarter to 1.2 per cent.

"Any thought of tightening monetary policy must be rejected until the recovery is more secure. Ensuring that the recovery is sustained must be the highest priority at the present time," he said.

Mr Kern added that the committee must be prepared to increase the quantitative easing programme above its current level of £200 billion in order to support the country's economic recovery. 

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