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Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to cut interest rates by 1% to 2%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

“Scottish businesses will welcome the continued bold stance taken by the Bank of England in reducing interest rates. With some signs over the past two weeks that the banks are beginning to react to business concerns over high loan and overdraft charges, it is to be hoped that it will not be long before interest rate cuts are passed on to business customers. It is important for the banks to use these lower interest rates as part of a wider package of support to Scottish businesses.

“With inflation firmly on a downward track, the focus of the Bank of England must be on boosting business competitiveness and restoring consumer confidence. A further bold cut in interest rates was necessary in order to achieve this, particularly as we enter the crucial Christmas and New Year period.”