British Chamber of Commerce: Responds to today's interest rate decision

Thursday 16 March 18:35

British Chamber of Commerce (BCC) responds to the Bank of England's Monetary Policy Committee decision to hold interest rates.

Commenting on today’s interest rate decision by the Bank of England’s Monetary Policy Committee, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“While the Bank of England’s decision to keep interest rates on hold was widely expected, there was a surprising shift in the committee’s voting pattern, with one member voting for a rate rise. This partly reflects the fact that the Monetary Policy Committee are facing a more challenging period, with inflation likely to move materially above the 2% target in the coming months. Furthermore, if US monetary policy continues to tighten as expected, it may weigh on UK rate decisions by increasing the downward pressure on Sterling, pushing UK price growth higher.

“However, with UK economic conditions likely to become more subdued over the near term, and little evidence that higher inflation is becoming entrenched in stronger pay growth, the MPC has sufficient leeway to tolerate a prolonged period of above target inflation. Therefore, while the next move in interest rates is likely to be upwards, we don't expect this to happen until the end of 2018.

“With the MPC close to exhausting the monetary policy tools available to them, the government must do more to support business confidence and incentivise investment, particularly by tackling the rising input costs faced by businesses.”

Events

  • JeCC Spring Seminars kindley sponsored by Benest Corbett Renouf JeCC spring seminars, sponsored by Benest Corbett Renouf will focus on a range of issues affecting the industry today

    › read more
  • JeCC Spring Seminars, kindley sponsored by Benest Corbett Renouf JeCC spring seminars, sponsored by Benest Corbett Renouf will focus on a range of issues affecting the industry today

    › read more
  • Ibex Education-Implementing a Data Warehouse with MS SQL Server 2012/14 Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education - Implementing a Data Warehouse with MS SQL Server 2012/14 Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education-Administering MS SQL Server Database Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education - Administering MS SQL Server Database Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education - Querying MS SQL Server 2012/14 Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education-Enabling & Managing Office 365 Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education - Enabling & Managing Office 365 Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more
  • Ibex Education - Configuring Advanced Windows Server 2012/14 Calling all IT Professionals, We are delighted to invite enrolments for these Microsoft Official Courses at Ibex Education. All delivered on island by Microsoft Certified Trainers with prep for Microsoft exams (optional).

    › read more

Chamber Knowledgebase

Our frequently asked questions

Chamber News 

All the latest news from Chamber in one monthly PDF

Jersey Airport / Harbours

The latest arrivals and departures, select a link above

The Jersey Chamber of Commerce - Annual Charity of Choice

the benefits of membership

Networking opportunities, including our popular luncheons
Topical seminar programme
Support and guidance on doing business in Jersey


And become one of over 500 member businesses supporting Chamber in its aim of ensuring that local business is at the heart of a thriving and diverse local economy.

Call 01534 724536
› About Chamber


Copyright © Jersey Chamber 2012 - The Jersey Chamber of Commerce welcomes your comments and views. However, the posting of comments is subject to our terms which can be read here. Comments posted by users of this site are not the Chamber's comments nor do they represent the views of the Jersey Chamber of Commerce.

↑ Back to top