April interest rates held – NECC

Commenting on today’s decision by the Monetary Policy Committee not to change the current interest rates, Martyn Pellew, president of the North East Chamber of Commerce (NECC), said:

 “NECC’s latest North East Business Barometer clearly illustrated the dilemma faced by the Monetary Policy Committee (MPC). Businesses are reporting that their two most pressing concerns in the coming months are inflation and interest rates.

 “North East businesses are telling us that they are performing better and they expect this positive trend to continue over the coming months. However we are still not seeing that confidence stretching to significant new investment decisions or employment growth so the MPC must remain mindful that these upbeat signs are still fragile.

 “On balance, it would appear that any move to increase rates would be premature, and could reduce disposable incomes of families and businesses alike while possibly increasing the value of sterling and therefore placing undue pressure on our growth creating exporters.”

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