Statement: NI Chamber responds to interest rate rises

4th Aug 2022

Responding to the Bank of England’s decision to raise interest rates, Gillian McAuley, President, Northern Ireland Chamber of Commerce and Industry (NI Chamber) said:

“We acknowledge the decision of the Bank of England to introduce the highest interest rate rise in 27 years to tackle soaring inflation. While businesses continue to enjoy growth, it is clearly slowing as a result of the challenges of political instability, inflation and labour shortages. Political interventions are needed without delay to restore much needed confidence.

“While there are no quick fixes, it is entirely within the gift of politicians in Westminster and Brussels to resolve their differences on the Protocol, and those in Stormont to restore an Executive. It is not good enough that stalemate continues to persist. Today’s stark warnings simply underline the urgent need for the relevant policymakers to find a way through in order to protect Northern Ireland’s businesses and households.”

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