Wed 11th Mar 2020
NI Chamber responds to interest rates cut
Responding to the Bank of England’s announcement that interest rates will be cut from 0.75% to 0.25% in the wake of the Coronavirus outbreak, Ann McGregor, Chief Executive of Northern Ireland Chamber of Commerce and Industry (NI Chamber), said:
“Businesses will welcome the action taken by the Bank of England to support the economy in light of the current Coronavirus outbreak.
“The Bank and financial institutions must now work together to ensure that these policy measures translate into real-world support for local businesses.
“Businesses will want to see banks using new flexibilities to do everything they can to help firms whose cash flow and prospects have been disrupted due to the impacts of Coronavirus. We welcome the early announcements of some extensions to bank loans.”