Following the Bank of England’s decision to the hold the interest rate at 4.25%, East Midlands Chamber has given its reaction.
Director of Policy and Insight Richard Blackmore said: “Keeping the interest rate static was not unexpected given the state of the economy right now. We saw a rate fall in May which will have been encouraging for businesses looking to borrow, but they’ll now have the frustration of hoping for a further cut, likely at some point this year.
“With inflation still far higher than the government’s 2% target, despite a slight drop in the 12 months to May this year, and half of respondents in our Q1 Quarterly Economic Survey for the East Midlands anticipating having to raise their prices, trading conditions for businesses are still challenging.
“The government’s Autumn Budget needs to be fully supportive of businesses amid the tough headwinds they face. The cost of investment announced in the recent comprehensive spending review to grow areas like AI, apprenticeships and training must not be passed onto firms in tax hikes.”
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