Responding to the Bank of England’s decision today to cut base rates by a quarter of one per cent, from 5.25% to 5%, Dorset Chamber chief executive Ian Girling said: “Today’s decision is a very welcome step in the right direction.
“It reinforces hope for sustained growth, although it is still very early days following a challenging period of economic and political turbulence.
“It is the first cut in the interest rate in four years following 14 consecutive rises since March 2020 up to a 16-year high of 5.25% in August 2023.
“There will be winners and losers in any interest rate decision but many businesses in Dorset will feel that this was the correct move and that it has been long overdue.
“It should support business and consumer confidence, while helping with decisions on investment and borrowing. Following recent government announcements on planning and infrastructure, today’s cut gives reason to be more optimistic about the months ahead.”