BlogLatest NewsBritish Chambers of Commerce warns against 'hasty' rate rise

British Chambers of Commerce warns against 'hasty' rate rise

The Bank of England should not make any "hasty decisions" on raising interest rates, warns the British Chambers of Commerce (BCC).

In its quarterly survey it says an early rate rise "may mean more limited growth ambitions" among companies.

The survey of 7,000 businesses showed that the growth rate had slowed in some industries between April and June.

The BCC said this was "unsurprising" given that the economy had "jolted forward" in the first quarter of 2014.

According to the survey, the rate of growth slowed in exports and investments in the second quarter, although they are still both above their pre-recession levels.

The index measuring the service sector, the biggest part of the UK economy, slipped from the all-time high reached in the first quarter.

Driving recovery

The BCC, a business lobby group, said the recovery was "moving forward" but warned that "repairing our broken business finance system" was "a top priority".

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