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SCC response to BoE interest rate rise

Commenting on yesterday’s Bank of England interest rate rise, Liz Cameron CBE, Chief Executive of the Scottish Chambers of Commerce (SCC), said:

“The latest interest rate rise by the Bank of England highlights the increasing danger posed by rampant inflation, which is being flamed by soaring energy bills and global supply chain disruption.

“As the economy heads into recession, the BoE is right to point to price pressures and labour shortages being a strain on growth for some time to come, as we have been hearing from firms for months.

“Our latest research has indicated record high concern from Scottish businesses over inflation, which is very unlikely to change any time soon. While the energy price cap announcement will provide some short-term relief for firms, all eyes will be on Friday’s fiscal statement from the Chancellor.

“Businesses need to see a plan to tackle the short-term drivers of inflation as well as a long-term strategy to promote growth and investment that gives them confidence for the future, while mitigating the risks of increasing interest rates.”

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