The Northamptonshire Chamber of Commerce met with a member of the Monetary Policy Committee to discuss the effects of the recent interest rate rise.
In September we saw the base rate rise once again to 2.25 per cent as the Bank looks to tackle inflation that currently stands at 9.9 per cent. This is at a time firms across the region and the country face crippling rising costs from energy to labour costs.
Sean Rose, Head of Policy at the Northamptonshire Chamber of Commerce said: “It is really positive that businesses throughout our region continue to attend these PolicyHour sessions to ensure that the Bank of England’s decision-makers are kept abreast of the challenges firms up and the down the country face”
“It was an extremely productive session with the Monetary Policy Committee Member who listened intently to the concerns of businesses, from a range of sectors, who spoke about how tough it is out there for firms within the region.
“The Bank’s primary focus is inflation and how to bring that down and interest rates are a lever it can pull to try to do that.
“But this approach presents a challenge to the Government too because it wants to stave off recession and they have attempted to introduce measures to stimulate the economy in there mini-budget
“They are currently walking a tightrope of trying to make sure demand in the economy isn’t choked off but, equally, that inflation doesn’t continue to rise.
“Ultimately, businesses across the patch want to see a long-term plan that gives them the confidence to invest in their growth. We all appreciate that there hasn’t been a ‘normal’ period for the economy for many years and that short-term measures have been required but it’s vitally important that a strategy starts to emerge to help give businesses and investors confidence.”
The Northamptonshire Chamber of Commerce will continue to amplify the Voice of Business to decision makers through out the UK and if you would like to take part contact Sean Rose on firstname.lastname@example.org