Solid growth platform now vital - Chamber

Businesses in Greater Birmingham are looking for a solid platform for growth in the Autumn Statement following yesterday 's hike in interest rates.

The Bank of England increased rates to 3 per cent, following a 0.5 per cent rise in September.

Greater Birmingham Chambers of Commerce (GBCC) head of policy Raj Kandola (Pictured) said: “It was no surprise to see the biggest individual interest rate rise in a generation as the Bank of England attempts to get a grip on spiralling inflation and limit the fallout from the recent mini-budget in September.

“The statement from the MPC suggests that interest rates are likely to go up less steeply than originally predicted in the long term but that will do little to offset the concerns of businesses and households right now.

“Early analysis from our latest Quarterly Business Report survey shows the severity of the cost pressures local firms are currently facing and the inevitable impact that 's having on turnover and profitability projections over the coming months.

“With this in mind, it 's essential the new administration uses the upcoming Autumn Statement to deliver a solid platform for growth whilst balancing the need for fiscal rectitude. ”

Click here to attend our Q3 Quarterly Business Report launch event - the theme of which is “Entrepreneurialism in Greater Birmingham ”