Responding to the Bank of England’s decision to hold interest rates at 0.75%, Tej Parikh, Senior Economist at the Institute of Directors, said:
“Today’s decision comes as no surprise, but it will be backed by businesses nonetheless.
“The MPC has played its hand for the time being with August’s rate hike, especially with Brexit negotiations going down to the wire. Despite the recent pickup in wage growth it’s unlikely that the Bank will press ahead with further interest rate rises at least until the uncertainty clears, and that should reassure business leaders and households somewhat.
“All eyes will now be on the Chancellor to provide a boost to the economy with investment incentives and reliefs for business costs in the Autumn Budget.”