"This is another historic low for interest rates as the Bank of England looks to further support the economy but I believe we will have to see support go even further."
Louise Bennett, CW Chamber
Business leaders in Coventry and Warwickshire say more and more historic measures to boost the economy will follow after the Bank of England cut interest rates to their lowest ever level.
The Bank has cut rates to 0.1 per cent and has restarted its Quantitative Easing programme by pumping £200 billion into the economy in a bid to ease the economic impact of the Coronavirus outbreak.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said more support would undoubtedly follow.
She said: “This is another historic low for interest rates as the Bank of England looks to further support the economy – but I believe we will have to see support go even further.
“The picture isn’t just shifting by the day it is moving by the hour as the Bank and the Government continues to increase efforts to soften the economic impact of the outbreak.
“Just over a week ago, we were talking about an unprecedented Budget in terms of support for the economy – and we have moved on drastically in a very short space of time and that seems an age ago.
“The Chamber is in constant dialogue with partners in the region, with Government and with our members to ensure we are meeting this challenge head on and offering all the support we can.
“Our over-riding message to decision-makers is clear. Businesses need quick and easy access to the financial support available and no measure in terms of help should be off the table right now.
“We are in for some very challenging weeks and months ahead and I think it’s fair to say that the Government and Bank of England understand the magnitude of that but must now ensure that businesses get the money they need immediately.
“Our message to businesses is also very clear. You may never have asked for support before but do so now and stay in regular contact with the Chamber and you professional advisers who will be able to help you.”
For more information on support from the Chamber call 024 7665 4321.