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Response To Interest Rate Decision
Commenting on today’s (Thursday) decision by the Bank of England to raise interest rates to 0.75%, TUC General Secretary Frances O’Grady said:

“This is a bad decision for working people. With wage growth slowing down we need action to boost the economy, not rein it in.

“The government must now step up and take more responsibility with a plan designed to boost wages and create better quality jobs. It should include the creation of a National Investment Bank with a remit to target communities where good jobs are harder to find.”

The CBI responded to the Bank of England’s decision to raise interest rates from 0.5% to 0.75%.

Alpesh Paleja, CBI Principal Economist, said:

“This decision was in line with our expectations. The case for another rate rise has been building, with inflationary pressures being stoked by a tight labour market and many indicators now suggesting that weak activity in the first quarter of 2018 was a blip.

“The Monetary Policy Committee has signalled further rate rises over the next few years, if the economy evolves as they expect. These are likely to be very slow and limited, particularly over the next year as uncertainty around Brexit takes its toll on business investment.”

Response To Interest Rate Decision, 2nd August 2018, 16:59 PM