Institute of Directors welcomes interest rate freeze

Today’s
Bank of England decision to keep interest rates on hold is good news for
business, according to the Institute
of Directors
(IoD).

With
business facing uncertainty on a number of fronts the last thing it needed was
a further hike in interest rates, the IoD
said.

Graeme
Leach, chief economist at the IoD,
said: "Now is not the time to increase the burden on businesses with a
hike in interest rates. We are pleased to see that the Bank of England has
decided to hold off another rate rise this month.”

The
CBI has agreed, saying the economic outlook in the UK
was uncertain and business needed a period of stability until things became
clearer.

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Michael Millar