News that the Bank of England has just made an emergency cut in interest rates by a half point is welcomed by British Business.
Commenting, Director-General of the British Chambers of Commerce (BCC), David Frost, said:
“We are thrilled that the Bank of England has taken this bold and necessary step.
“The economy has been facing an emergency, and the MPC could not afford to wait.
This cut will, for now, steady the markets and inject much needed confidence. “Alleviating the dangers of a major downturn must be the overriding priority for the MPC right now.
“Over the next four months, interest rates must be cut to four per cent as a minimum.”