Bank of England cuts interest rates

Thursday 7 November 2024

Karim Fatehi MBE, CEO of  London Chamber of Commerce, and Industry (LCCI), said: 

“We welcome the Bank of England's decision to support the economy by cutting the interest rate from 5.25% to 4.75%. After a period of uncertainty and a difficult operating environment, driven by high operating costs, businesses will now have some breathing room.  

“Amidst a disappointing Budget and a continually difficult macro-economic environment, it is imperative that the Government works with London businesses to mitigate high National Insurance contributions, cuts to business rates relief, and minimum wage increases, to ensure this interest rate cut is part of a fresh start for business.” 

ENDS