Chamber's comment on the latest interest rates announcement

Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: "There was little doubt that interest rates would be held at 0.5% today given the weak economic data that has emerged in recent weeks.

"The weak data had given rise to speculation and demands for further quantitative easing. The weak global economy will put further pressure on our growth as exports slow, but the Bank opted to resist calls for more quantitative easing to get the domestic economy moving for the time being.

"We are adamant that any further injection of money into the economy must have a regional focus to best deliver growth, and the Bank and the Government must work together to achieve this."