Commenting on today’s interest rate decision by the Bank of England’s Monetary Policy Committee, David Kern, BCC Chief Economist, said:

“The Bank of England’s decision to keep interest rates and QE on hold was unsurprising, despite the stronger than expected rise in inflation in March.

“At a time when the UK economy is slowing, as highlighted by our recent Quarterly Economic Survey, and as major international organisations such as the IMF are downgrading their growth forecasts for the global economy, a key priority must be to persevere with the current low interest rates policy for the foreseeable future, while making every effort to boost growth.”