23/03/2023
Hampshire Chamber responds to rise in interest rates, now at highest level in 14 years
Ross McNally Hampshire Chamber Chief Executive and Executive Chairman
Hampshire Chamber Chief Executive and Executive Chairman Ross McNally said: “The rise to 4.25% - the highest for 14 years - reflects concern over the latest, higher-than-expected inflation figures. The intention is to dampen spending on goods and services and so, through lower demand, bring prices down. But among the key factors in inflation at the moment are supply shortages of essential foods such as vegetables that have raised prices at the supermarket checkout. There are many reasons for problems in supply and clearly these need to be addressed as a matter of priority quite apart from rate rises. Today’s decision will simply add yet more borrowing costs for already under-pressure households and businesses. The government needs to articulate a clearer, long-term strategy to develop the conditions for stability and growth.”
