The BHF has applauded the Monetary Policy Committee for today’s interest rate cut.
“The Monetary Policy Committee really got this one right with its 1% interest rate cut,” said BHF Group communications director Mick Weedon.
He welcomed the full point reduction as “both clear and decisive”.
He believes that with retailers passing on the recent VAT reduction, and adding serious discounts to prices as well, concerns about inflation are subsiding. Therefore, this further boost to the economy is timely, he says.
“The next one needs to be timely as well,” Weedon added. “January would be the right time, and 1% would be the right number.”
He said that still more needed to be done to invigorate the economy and fight off recession.