9:57am Friday 10th July 2009
The Bank of England’s decision to keep the cost of borrowing steady by holding the base rate at 0.5 per cent was to be expected, according to the Bradford Chamber of Commerce.
The Bank of England yesterday announced it would leave interest rates at their historic low of 0.5 per cent for the fourth month in a row and has refrained from expanding its quantitative easing plan.
Balbir Panesar, president of Bradford Chamber of Commerce, which represents 1,100 businesses, said he expected interest rates to stay the same He said: “I don’t think they could have done anything but leave them where they are. I feel taking them any lower to help stimulate the economy would be a loss.
“I think we have gone beyond that phase now of using interest rates as a stimulant and we are now fully into the quantitative easing period.”
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