Businessman claims interest rate cut is 'absolutely right'

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A leading businessman has spoken out about the recent slash in interest rates.
Deputy Chief Executive at Greater Manchester Chamber Chris Fletcher claims it is “absolutely right” that the bank should cut its rates in a time of widespread economic downturn.

Speaking to Rochdale Online he added: “In light of the recent announcements regarding the high street and worsening conditions in other sectors, the decision makers must use every tool at their disposal”.

“However a rate cut on its own is not enough, it has to be passed on by lenders as well as easing access to finance.

“The other slightly worrying element is that the interest rate ‘ammunition’ for tackling the economy is rapidly running out so it is imperative that this is not the only action that is taken; it has to be one of a series of coordinated measures.”