Pictured above: Christine Braddock
The business community in Birmingham backed today's decision by
the Monetary Policy Committee (MPC) to keep interest rates at a
record low of 0.5 per cent, warning that the fragile recovery could
not afford to suffer a setback.
Christine Braddock, President of Birmingham Chamber of Commerce
(BCC) said that overall business conditions remain generally
positive. She said: "We daily hear of new contract wins and
business success stories from members.
"However, the Chamber's latest Quarterly Economic Survey shows
that the local economy has slowed compared to previous quarters.
"Inflation remains a massive concern for the private sector and
with the introduction of pending new legislation, this will also
hinder business growth. The more costly regulations this year
include right to request time off which will have an annual
recurring cost to business of £174.96m and the agency workers
directive which will have an annual recurring cost to business of
£1,548m.
"Rising interest rates at the current time could risk a new
setback, and every effort must be made to ensure this does not
happen. The MPC must persevere with current policies that promote
growth and jobs until the recovery is more secure."