The Bank of England’s decision to cut interest rates for the first time in more than four years will give ‘welcome breathing space’ to local businesses, according to Shropshire Chamber of Commerce.
Chief executive Ruth Ross said it was now imperative that today’s 0.25% reduction, taking the base rate down to 5%, was passed on ‘fully and quickly’ by financial institutions and lenders.
“Although today’s reduction was widely expected with inflation having settled back close to its target 2% figure, this will still have come as welcome relief to many businesses, particularly small firms looking to invest.” It also showed that tightening cashflow is having an impact on investment in plant and machinery, which was down by 15%.
“The Bank will be monitoring events closely as global conflicts and trade tensions could still exert price pressures on commodities and the finely balanced 5-4 voting split shows this caution.
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