The Forum of Private Business has welcomed Bank of England governor Mark Carney’s comments on the merits of forward guidance alongside the bank’s quarterly economic forecasts today.
Chief executive Phil Orford said: “Today’s revised growth forecast by the Bank of England will act as a further boost to business confidence and the announcement of the temporary freeze on interest rates should provide some security for small businesses looking to invest.
“Nevertheless, we remain at the beginning of the path of recovery and must recognise that the decision for a small business to invest remains difficult. It is now that we must do as much as possible to support small businesses looking to take advantage of lower interest rates and make the most of the positive growth forecast.
“The forum, government and lenders must work together to help to small businesses invest, grow their business and focus on getting Britain trading at a pre-2008 pace.”