BCC states that interest rate must be cut

After several months where the interest rate has been left on hold at 5% by the Monetary Policy Committee and the Bank of England, the British Chambers of Commerce is now calling for action, stating that the base rate has to be cut in order to ensure that the economy does not grind to a halt. The government is facing tough decisions when it comes to the base rate, as the nation is going through a period of stagflation, where the economy has slowed down and stagnated and the level of inflation is soaring way out of control. Read more

Tags: interest rate, UK unemployment, base, chelsea building society, consumer spending, British Chambers of Commerce, bank of england, interest rates