Commenting on today’s Monetary Policy Committee (MPC) interest rate decision, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“The MPC has clearly made the right decision to keep interest rates and quantitative easing on hold. Developments in the Eurozone – the European Central Bank’s decision to launch its own quantitative easing programme and uncertainty in Greece – as well as weak domestic inflation reinforce the case for maintaining low rates in the UK at least until early 2016.
“While British businesses are eager to invest and export, the UK recovery is still facing challenges. In addition to reassurance that rates will remain on hold, the Bank of England and government must do more to improve the flow of finance to growing and exporting firms.”