Following the Bank of England’s decision to keep the interest rate at 4.75%, East Midlands Chamber has given its reaction.
Director of Policy and Insight Richard Blackmore said: “While few will be surprised there was no cut in the interest this time, given factors like rising inflation revealed this week, further wait for a drop will be a frustration to businesses looking to borrow and subsequently invest, not least when you consider the mountain of other challenges faced by businesses right now, like working out how to find funds to cover higher NI contributions next year and a higher national minimum wage.
“Our Quarterly Economic Survey indicated a widespread tightening of the belt among businesses, with reduced investment on plant, machinery and training, reduced intention to recruit and a significant drop in turnover and profitability confidence. Given the tough conditions faced by firms, I’d urge political leaders to closely examine the findings of our Quarterly Economic Survey, which really underlines the urgency for supportive measures to be prioritised to enable the region to thrive.”
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