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23 July 2008

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Rate rise a 'double whammy'

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Peterborough Chamber of Commerce has branded the Bank of England’s latest interest rate rise a ‘double whammy’ for the county’s small and medium sized businesses.

The Monetary Policy Committee (MPC) has today announced that interest rates will rise to 5.75%, the fifth increase since August 2006.

Cambridgeshire Chambers of Commerce

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




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