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| Businesses 'would struggle if interest rates go up' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Thursday, 08 September 2011 00:00 |
 Companies such as London recruitment agencies would benefit if the Bank of England decide to maintain interest rates for the foreseeable future.That is according to David Kern, chief economist at the British Chambers of Commerce (BCC), who has urged the Bank's Monetary Policy Committee (MPC) to hold the figure at 0.5 per cent due to the ongoing uncertainty surrounding the global economic recovery. Officials at the MPC are scheduled to meet later today (September 8th) to discuss whether or not to raise the base rate from this historically low level for the first time since March 2009, as well as the prospect of further quantitative easing. However, Mr Kern has insisted that organisations across all sectors would struggle to cope with a hike at present. "The MPC cannot ignore the worsening international situation and the need to underpin business confidence," he added. With this in mind, Mr Kern went on to say it would be "helpful" for policymakers to make it clear that "unless circumstances significantly improve, interest rate increases will not be on the agenda for another year". Posted by Mary King 
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