Business leaders in Coventry and Warwickshire have praised Bank of England governor Mark Carney’s bold new initiatives.
Carney, who recently took over the role from Mervyn King, has issued guidance to say that interest rates will rise once unemployment comes down to seven per cent.
That, says the Coventry and Warwickshire Chamber of Commerce, will help businesses plan for the future.
Chief executive Louise Bennett said: “Low interest rates are certainly a key ingredient to the economic recovery and this statement from the Bank of England means firms won’t be left guessing ahead of the first Thursday of every month.
“They can now invest with some degree of certainty that there won’t be a sudden rise in rates and, if there is, it is because the economic picture is improving.
“Of course, there still has to be a watchful eye on inflation and Mark Carney has reaffirmed the commitment to a two per cent target, which is welcome.
“We would like to now see a concrete commitment to underpin the economic recovery and that includes further action to get an accessible Business Bank up and running.
“Access to finance remains an issue for companies across Coventry and Warwickshire and it is a topic we will be focussing on when our manufacturing and engineering group next meets in September.”
Unemployment figures for the region will be released next week.