Chamber praise interest rate decision

Commenting on Thursday's interest rates decision, Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: "As there is cautious optimism that the economy is moving in the right direction, albeit slowly, today's decision by the Bank of England to hold interest rates at 0.5% and the asset purchase programme at £325bn is the right decision to take.

"We are seeing encouraging signs for the region's economy this quarter and expect that the national economy has returned to growth, so there was no need for action by the Bank this month.

"Growth will continue to be sluggish in the coming months and inflation remains a concern, weakening demand and increasing costs for business, but the Bank's current strategy on asset purchases has not helped the regions.

"Should conditions weaken and further asset purchases be required, we would urge that these should have a regional dimension to support growth and job creation in those areas that need it the most and offer the greatest potential for growth in the future."