Business leaders welcome change
November 7, 2008 by Admin
A cautious welcome was felt among business leaders yesterday following the Moneytary Policy Committee’s 1.5 percentage point cut in interest rates. However, they echoed the Government’s view that the savings must be passed on to the consumer.
Andy Bond, CEO of ASDA, the UK’s second largest supermarket, said that the cut should go “some way” towards restoring consumer confidence in the run-up to Christmas. He said it was “essential” that banks and building societies do not keep the saving for themselves but pass it on to their customers.
Property companies also welcomed the move.
