Amanda Beresford, Chair of West & North Yorkshire Chamber of Commerce, has responded to the increase in interest rates:
“This is a slightly surprising move by the Bank of England to raise interest rates just now. Yes, inflation is certainly increasing at a rate that is of concern to the Bank, but it’s not necessarily monetary policy measures that will halt that right now. Global factors such as rising raw material costs, shipping and logistical hurdles, and labour shortages are the issues that need solutions, though we appreciate that it’s a difficult balance to both support economic recovery and curb inflation.
“We need the Government’s Supply Chain Advisory Group and Industry Taskforce to offer more solutions that will aid economic recovery and growth, and hopefully smooth out some of those hurdles business is facing right now.”