At the present time, it is important that low interest rates are maintained in the UK in order to support the nation's businesses, an expert suggests.
According to the chief economist of the British Chambers of Commerce (BCC), David Kern, secure growth in the country's economy should be in evidence before a decision is taken by the Bank of England to increase the base rate.
He stated: "We fully support the decision to maintain interest rates at 0.5 per cent and the size of the quantitative easing programme at £200 billion."
Meanwhile, firms offering the likes of contractor services may be interested to note that the expert suggests the financial problems currently being seen in the eurozone mean that the emergence of a double dip recession is not out of the question in the UK.
The bank's Monetary Policy Committee confirmed that the base interest rate would held at 0.5 per cent earlier this week. The last time the rate changed was in March of last year.
Posted by Brian de Selby.