Decision to cut interest rates a ‘welcome move’…

Decision to cut interest rates a ‘welcome move’ for Bradford businesses

THE Bank of England’s decision to cut interest rates is being seen as a “welcome move” for employers in Bradford and across Yorkshire.

In a widely anticipated move, today the Bank of England’s Monetary Policy Committee made the decision to cut interest rates from 5 per cent to 4.75 per cent, which follows a similar decision taken by the Bank in August, cutting the rate from 5.25 per cent to 5 per cent.

West & North Yorkshire Chamber of Commerce today welcomed the Bank of England decision.

Mark Casci, head of policy and representation at the Chamber, said: “This will be seen as a welcome move by employers.

“The rate of interest has been consistently named among the leading cost pressures facing businesses in our Quarterly Economic Survey.

“A reduction in the cost of borrowing will ease pressures on businesses of all sizes who are grappling with additional challenges announced in the Autumn Budget last month.”