Scottish Chambers of Commerce comments on Monetary Policy Committee announcement
Published 06 Nov 2014Liz Cameron, Director/Chief Executive, Scottish Chambers of Commerce comments on today’s announcement from the Monetary Policy Committee to keep the interest rate at 0.5%.
“The anticipated decision by the MPC to maintain the base interest rate at 0.5% is the right step for the current economic climate. This is in line with recent falls in inflation which remains below the 2% target.
“The global economy is still fragile with clear indications that the Eurozone economy is under pressure, impacting on Scotland’s ability to export to our second biggest export customer (after the rest of the UK).
“Businesses will be relieved that an early rate rise appears to be off the agenda. More businesses are increasingly reporting cost pressures, as measured in the latest Quarterly Business Survey.
“Our priority to strengthen the Scottish economy must continue. As businesses plan for 2015, low interest rates, will provide a sense of confidence for businesses to grow and to invest.”
Scottish Chambers of Commerce is Scotland’s leading business voice, providing business insight and economic intelligence.