Commenting on today’s decision by the Bank of England to drop interest rates to 5%, Suzanne Wylie, Chief Executive, NI Chamber said:
“Interest rates have been a growing concern for NI businesses, who will welcome the much-anticipated cut announced by the Bank of England today.
“Interest rates are a significant factor in reducing the cost of doing business, so a reduction could help to facilitate business growth by reducing the cost of borrowing and encouraging investment, particularly in high-growth sectors.
“Whilst a reduction in interest rates is welcome, the cost of borrowing is one of a myriad of cost pressures facing our members right now. Today’s announcement must be followed by further strategic interventions to stimulate sustainable growth and enhance Northern Ireland’s competitive proposition, including support for dual-market access and tackling the corporation tax question.”
