November interest rates decision – NECC reaction

COMMENTING on today’s decision by the Monetary Policy Committee (MPC) to keep interest rates on hold, Ross Smith, head of policy at the North East Chamber of Commerce (NECC), said:

“It’s not surprising that interest rates are to remain the same, given recent better than expected economic indicators. But the strength of the economy in the medium term remains uncertain – particularly with the public spending cuts and the Bank would be wise to keep the option open for further expansion of quantitative easing in future months if the economy needs stimulus.”

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