Commenting on the MPC minutes published today by the Bank of England, David Kern, Economic Adviser to the British Chambers of Commerce, said:"Today's MPC minutes confirm that prospects for global economic growth have continued to worsen and that the UK is slowing. Credit conditions for both households and businesses have clearly tightened. The minutes also confirm that although annual CPI inflation is likely to edge up in the short term, these upward pressures should fade later in the year in line with lower growth. Given the current balance of risks in the economy we urge the MPC to cut interest rates to 5% at the March meeting."