Birmingham and Solihull business leaders are urging the Bank of
England not to rock the economic boat and raise interest rates on
Thursday.
Birmingham Chamber of Commerce and Industry (BCI) are hoping
that when the Bank's Monetary Policy Committee (MPC) meets, its
members will not risk damaging the fragile economic recovery by
raising rates from the current level of 0.5 per cent.
Will Rogers, policy adviser at the BCI said: "There is no doubt
that the economy remains fragile, and there is still a real risk of
a double dip recession.
"A period of fiscal austerity is ahead and the Government must
continue to promote the best possible business environment.
Accelerated fiscal tightening means that interest rates will remain
at 0.5 per cent."
If interest rates remain unchanged, it will be the 16
consecutive month that they have been held at 0.5 per cent.
Simon Topman, Chairman of West Midlands Chambers of Commerce,
said: "It's vital now for the Bank of England to hold their nerve,
particularly now that the Coalition Government has set out how it
intends to deal with the debt crisis."