The Bank of England has announced that the Monetary Policy Committee has voted to keep interest rates on hold at 5% for the fourth month running.

Tim Hutchings, Herts Chamber Chief Executive said, “This decision is obviously expected but is nonetheless disappointing. I accept that the MPC needs to guard against increased inflation but in reality I do not believe that it has any influence over those factors that are currently causing inflationary pressures, particularly the cost of food and fuel. Although business has shown remarkable resilience a reduction in rates would have been a great fillip. We hope the MPC brings down rates sooner than later”.

Hertfordshire businesses will have their opportunity to put their views directly to the Governor of the Bank of England later in the year when he will be a guest at a Hertfordshire Chamber of Commerce and Industry lunch.