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Business news : January 2009
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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Gareth Hughes & Co - North Wales Accountants |