Commenting after the MPC decided to cut interest rates from 4.5% to 3% Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said: “The Monetary Policy Committee should be commended for this bold decision. Members have clearly recognised that a gradualist approach is no longer appropriate given the exceptional economic challenges currently facing the UK economy.
“The hope is that this unprecedented cut will partially compensate for the MPC’s hesitancy over the summer and help to cushion the fall into recession. The banks must now act to pass on the rate cut to their customers”.
ENDS
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