No change to interest rates
Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“Businesses in Wales will receive today’s announcement by the Bank of England that interest rates remain at 5.25% with mixed feelings. On the one hand, businesses will be pleased that rates have not risen. On the other, interest rates remain at their highest level for 15 years and risk stalling plans for growth.
“While we understand and recognise the steps that the Bank of England with interest rates to help reduce inflation to 2%, prolonged high interest rates are feeding into a low-to-no growth economic cycle which is concerning for businesses.
“54% of Welsh businesses cited interest rates as more of a concern to them now than three months ago in our Quarterly Economic Survey for Q3. Until interest rates are able to decrease, businesses would welcome reassurance from policymakers that there are clear strategies for growth and investment to avoid further economic stagnation.”
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