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SCC CALLS FOR 1% CUT IN INTEREST RATES

Looking ahead to tomorrow’s announcement by the Bank of England’s Monetary Policy Committee on interest rates, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, has called for a 1% cut in rates to bolster the economy during the crucial Christmas period. Liz Cameron said:
“In the light of the continuing downward pressure on inflation and the ongoing threat posed by the economic downturn to a number of Scottish businesses, it is essential that the Bank of England once again acts decisively to bring down the cost of borrowing.
“A full 1% cut in interest rates to 2% is necessary in order to bolster both business and consumer confidence as we enter the crucial Christmas and New Year period.”

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