Chambers Comment On Interest Rate Decision

Friday 13th January 2012

Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to keep interest rates on hold at 0.5% and to maintain QE at £275 billion, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

“Once again the Bank of England is holding a steady course on interest rates and with the economic outlook for 2012 continuing to look challenging, there is a growing need to clarify that interest rates will remain at this level for the remainder of the year.  This is particularly true given the expectation that inflation will fall back towards target as the year goes on.

“We welcome the fact that levels of Quantitative Easing remain under review and with the current programme expected to reach completion in early February, next month will provide an ideal opportunity for further expansion.”

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