News Column

Inflation Figures Should Not Spark a Knee Jerk Reaction on Interest Rates, Says BCC

July 15, 2014

LONDON, July 15 -- The British Chambers of Commerce issued the following news release:

Commenting on the CPI inflation figures for June 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

"The increase in inflation in June should not spark a knee jerk reaction on interest rates by the Monetary Policy Committee (MPC). Monthly fluctuations in the inflation figures are normal and there are no significant upward pressures, particularly as wage growth remains weak.

"The UK recovery is still not secure and growth amongst UK businesses must be fostered prior to any future interest rate rises. To sustain business confidence, the MPC must be more clear and consistent on the future path of interest rates, while the Government must place more emphasis on improving access to finance for growing firms and exporters."

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Source: Targeted News Service

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