SCC call for more affordable bank lending

Thursday 10th December 2009

Commenting on the decision of the Bank of England’s Monetary Policy Committee to keep interest rates on hold at 0.5% and continue with their current policy of quantitative easing, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

“Understandably it’s a case of ‘steady as she goes’ from the Bank of England at the last Monetary Policy Committee meeting of 2009.  The forthcoming return of VAT rates to 17.5% is likely to add to inflationary pressure early in the New Year, whilst the additional £25 billion of quantitative easing will take some time to feed through.

“The best Christmas present of all for Scottish businesses would be more accessible, and above all affordable, bank lending.  Following the additional measures announced in the Pre-Budget Report this week, this must be the priority for the Bank of England from now onwards.”

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