Leeds York and North Yorkshire Chamber of Commerce has welcomed the decision by the MPC to hold UK interest rates at 0.5% as per today’s announcement.
  Commenting on today’s decision, Gary Lumby, President of Leeds Chamber of Commerce said:
  “Over the next 12 months the MPC will be faced with the crucial task of balancing low interest rates and low inflation. In the short term, the Chamber expects rates to remain on hold, however inflation has already started to rise and we expect to see further increases as energy and food prices rise and on the back of the money already pumped into the economy. However we expect this to be a modest increase followed by a period of low interest rates and low inflation.   “This recession has been like no other witnessed previously, so although the economy has now officially returned to growth it is difficult to predict how exactly the country will recover other than it will be slowly. As far as the business community is concerned we need the MPC to recognise that low interest rates play a pivotal role in economic recovery and businesses leading the country out of recession”.