Swift political decision is fundamental for economic stability, says Chamber

A swift political decision is fundamental for economic stability, West Midlands business leaders said as the Bank of England's Monetary Policy Committee (MPC) decided to keep interest rates at 0.5 per cent.

Paul Bassi, president of Birmingham Chamber of Commerce and Industry (BCI), said: "Monetary policy and fiscal policy come hand in hand and while the political situation remains unclear, the MPC has little room for manoeuvre. So the decision to keep interest rates and leave quantitative easing unchanged was expected.

"Economic recovery slowed in the first month of 2010 which emphasises the fragile state of the economy. GDP rose by just 0.2 per cent, a drop on the 0.4 per cent recorded in Quarter 4 2009."

Simon Topman, chairman of the West Midlands Chamber of Commerce, said: "The current political situation cannot continue without having a dire effect on the country's economy. Speed on the political front is essential."

Article published by Midlands Business News on 11 May, 2010

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Articles submitted by Birmingham Chamber of Commerce:

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