18th June 2020

Commenting on the decision by the Bank of England’s Monetary Policy Committee to keep interest rates on hold and expand quantitative easing, Dr Liz Cameron, Chief Executive of the Scottish Chambers of Commerce, said:

“The Bank of England’s decision to significantly expand quantitative easing reflects the unprecedented impact of coronavirus on the UK economy. It is vital that the Bank works with financial institutions to ensure that it translates into on-the-ground support for businesses.

“The further loosening of monetary policy is welcome, but focus should remain on efforts that will help kickstart an economic recovery. This should include taking steps to close the remaining gaps in government support, including giving businesses direct incentives to invest, train and hire. Both the Scottish and UK Government need to pause any initiatives that add to the cost of doing business and review any policies that can reduce the cost of doing business. This is essential if businesses are to start building up much needed confidence.”

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