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John Bridge OBE, Chief Executive of Peterborough Chamber of Commerce,
said: “It is all very well for the MPC to warn of the dangers of
inflation, however we remain unconvinced that they appreciate the
severity of the impact this further rise will have on our SMEs.
"These
rising interest rates are crippling small business owners, for many
of whom the security of their business, home and future are all
intertwined with such vigour that each 0.25 point rate increase is
felt with significantly more than the minor tremor experienced by
larger companies.
“Furthermore it is generally
accepted that annual CPI inflation will fall towards 2% before the
end of 2007. If the Bank of England’s specific policy aim is to
produce a very sharp slowdown in activity before that time, the
eventual impact on business could be damaging.
"Last
week’s announcement that a new Department of Business and Enterprise
is to be created by the Government was a welcome one, but any good
intentions on the part of Gordon Brown’s new Government risk being
severely hampered by the spiralling costs that the MPC is inflicting
on Peterborough's small and medium business owners.”
July 2007 -
Peterborough UK Community Website |
