Domestic Economy under Immense Pressure - British Chambers of Commerce

(RTTNews) - Tuesday, the latest survey from the British Chambers of Commerce or BCC said the domestic economy is under immense pressure for the second straight quarter, with the survey pointing that the UK is now in a worsening recession.

In its Quarterly Economic Survey, the BCC said businesses and consumers need a half-point cut in key interest rate at the next Monetary Policy Committee meeting of Bank of England.

David Kern, economic advisor to the BCC said, “The MPC must cut interest rates without delay, with a half per cent cut on Thursday. Over the next four months, interest rates must be cut to four per cent as a minimum.” “The Government must put in place a credible framework for dealing promptly with any financial institution that may experience problems,” Kern added.

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