Chamber welcomes overhaul on rates

The Bank of England’s rate policy will now be determined not just by unemployment, but by a wider range of indicators, it was announced.

Chris Hobson, Head of Information and Representation at the Derbyshire, Nottinghamshire and Leicestershire Chambers of Commerce, said: “This clarification brings added certainty to firms at a crucial stage in the recovery.

“Any decisions to increase rates will now take into account a much broader range of indicators, including the unemployment rate, productivity data and the findings of business surveys.

“This makes it vitally important for all local businesses to complete the Chamber’s own Quarterly Economic Survey (QES), which the Bank uses as part of its deliberations, each quarter.”