Commenting after the Monetary Policy Committee (MPC) decided to cut interest rates from 3% to 2% Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said:
“Today’s cut in interest rates is the correct one for the economy. Another significant cut was required to help meet the exceptional challenges facing the UK economy at this time. Of course, this will only stimulate demand if the banks pass on this cut to their customers.
“Next week the STUC will meet with Kate Barker of the MPC and we look forward to discussing the Bank of England’s approach to the current crisis”
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