Capital's Struggling Firms Call for Rate Cut ; ECONOMICS
Duncan, Hugo, The Evening Standard (London, England)
CALLS for a cut in interest rates intensified today as businesses in London struggling with the credit crunch predicted a gloomy year.
The London Chamber of Commerce (LCC) found 58% of firms expect trade to slow this year, up from 9% 12 months ago and 25% on New Year's Eve.
Business leaders in the capital urged the Bank of England, led by Mervyn King, to cut rates from 5.25% to 5% on Thursday to make borrowing cheaper and boost economic growth.
London, particularly the City, is the engine room of the British economy but is facing a sharp slowdown as a result of the credit crunch.
The Bank's monetary policy committee (MPC) has cut rates from 5.75% …
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Publication information:
Article title: Capital's Struggling Firms Call for Rate Cut ; ECONOMICS.
Contributors: Duncan, Hugo - Author.
Newspaper title: The Evening Standard (London, England).
Publication date: April 7, 2008.
Page number: 28.
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