Yorkshire business leaders back interest rate rise to curb inflation

Summarised from 2 outlets · Updated 2 Nov, 16:57 · Archive

York and North Yorkshire business leaders have unanimously called for an increase in interest rates to help tackle inflation.

Members of the Yorkshire Shadow Monetary Policy Committee have unanimously backed a modest interest rate rise to help control inflation. All five members voting at November's meeting supported the increase, despite concerns about weak business confidence.

The committee, a partnership between Recognition PR, Ryecroft Glenton and The York Press, met after the Budget and ahead of the Bank of England's next rate decision. Members reported delayed investment decisions, a slowing property market and uncertain outlook, though some sectors continued to grow.

Beckie Hart, Regional Director of the CBI, said businesses were showing 'resilience but not confidence'. She noted that 'opportunities are coming through, but customers are taking a lot longer to commit, and investment decisions are being delayed as a result'. Despite these pressures, she supported a rate rise, warning that rising costs risked influencing wage behaviour. 'We're not seeing a second-round effect in wages yet, but I think that we're going to start to see people changing their behaviours as they start to see costs go up,' she said.

Nick Johnson, Corporate Finance Partner at York-based Ryecroft Glenton, offered a more positive assessment, highlighting transaction activity in industrials and industrial services, alongside opportunities in technology, skills and training.

Yorkshire business leaders back interest rate rise to curb inflation — Image: Gazette & Herald (Malton)

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How it is being reported

Yorkshire business leaders unanimously back interest rate rise to curb inflationA group of York and North Yorkshire business leaders have called for an increase in interest rates to help tackle inflation.Gazette & Herald (Malton) · 2 Nov, 16:29
Yorkshire business leaders unanimously back interest rate rise to curb inflationA group of York and North Yorkshire business leaders have called for an increase in interest rates to help tackle inflation.York Press · 2 Nov, 16:29

In this story: Yorkshire Shadow Monetary Policy Committee · Bank of England · CBI · Beckie Hart · Nick Johnson · Ryecroft Glenton · York · North Yorkshire

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