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Contact Us Business News - January
Cut in Interest Rates
Commenting on the decision by the Bank of England’s Monetary
Policy Committee to reduce interest rates by 1% to 2% earlier this
month, Ian McCafferty, CBI Chief Economic Adviser, said:
‘The economy needs a significant monetary stimulus and the Bank
has clearly decided this will be best achieved by another big cut in
interest rates. What is critical for business and consumers alike is
that this reduction is passed on.
The economy is stalling, inflation is expected to undershoot the Bank’s
own target and the headline RPI rate of inflation is likely to turn
negative for at least a few months in 2009. We need to see lending
improve and to keep business working.’
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