The Bank of England’s announcement today (4 August) that interest rates to be cut to 0.25% is being welcomed by Eastbourne Unltd Chamber of Commerce.
The cut brings interest rates in the UK to a record low and is the first cut in 7.5 years and is hoped to help prevent Britain from slipping back into recession.
Chief Executive of the Chamber of Commerce, Christina Ewbank said, “This cut in interest is good news for businesses, although not so good for investors. For Eastbourne, it should be welcomed, as with the exchange rate being weak at the moment, it will encourage more visitors from overseas to come to our wonderful town.”
Christina added that she doesn’t think we’ll see a dive into negative interest as we currently don’t have a strong economy.