4.9 C
Lancashire
Friday, March 29, 2024

BCC comments on Bank of England inflation report

Commenting on the Bank of England inflation report and interest rate decision published on ‘Super Thursday’, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“The Bank of England’s latest forecasts paint a much more optimistic picture of the UK’s growth prospects compared to their previous post-EU referendum predictions.  Although the central bank is slightly less concerned over price growth, inflation is still expected to breach the 2% target for a prolonged period. This means that MPC’s attempts to combat rising inflation and support growth is likely to remain a challenging balancing act through the forecast period.

“However, with the Bank of England still expecting below trend growth over the medium term and considerable uncertainty over the impact of Brexit, we predict that the MPC will continue to ‘look through’ the expected rises in inflation and opt for an extended period of monetary stability. As a consequence, we expect that interest rates will remain on hold through 2017.

“With the monetary policy tools at the MPC’s disposal largely exhausted, it is vital that the government uses the upcoming Spring Budget to boost the UK’s long-term growth prospects by doing more to support business investment, including action to tackle the escalating burden of upfront business costs.”

spot_imgspot_img

Latest

Burnley: Kompany staying clear of rivals’ PSR problems

Vincent Kompany is fully focused on Burnley’s bid to...

The Best New Betting Sites for April 2024

There are plenty of new betting sites emerging in...

Best UK Football Betting Sites For 2024

Football is the UK's biggest and most popular sport....

Free Bets: The Best Sign-Up Offers April 2024

When players sign up for a site for the...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Mastering the Art of Project Tracking

Project tracking involves the thorough monitoring of every task...

Kloud9 Boosts Victoria House Manchester with Unmatched Internet Speeds

Kloud9, a leader in internet infrastructure services, is delighted...

Scott Dylan Comments the Collapse of Barclays Family Logistics Group

In a turn of events that has sent shockwaves...

Best Horse Racing Betting Sites In The UK

Those looking for the best UK horse racing betting...

More News

How to escape the rat race and thrive in the opportunity age

Can't take any more of the work, spend, repeat cycle? Are you yearning for more freedom and flexibility in your life? Join the club! Millions...

The cubicle office: Navigating the pros and cons of workplace design

In the ever-evolving landscape of modern workplaces, the cubicle office has been a staple for decades. Designed to maximise space efficiency and provide employees with...

New Study Unveils: 49% of Small Business Owners Tied Down by Personal Guarantees

Nearly half (49%) of small business owners either act as personal guarantors for a business loan or have intentions to become guarantors by...