Thanks, Darling

A PwC call, just 24 hours before, for an immediate cut in interest rates of at least 0.5 per cent was more than delivered when the Bank of England Monetary Policy Committee (MPC) slashed base rates by 1.5 per cent.

PwC’s Northern Ireland Economic Outlook (NIEO) said a cut of at least 0.5 per cent was essential to ease the squeeze on Northern Ireland households and boost flagging business confidence.

The MPC responded by driving rates down to 3 per cent, the lowest since 1955.

Philip McDonagh, PwC chief economist in Northern Ireland said: “This is the first time the Bank has cut rates by more than half a percentage point since gaining its independence in 1997. A cut of this magnitude will bring some measure of confidence to business and consumers and hopefully ease the pain of householders and housebuyers, alike.”

Interest rate cut essential to boost confidence, says PwC economy report.

Contact details
Email: John Compton
Tel: +44 (0)28 9024 5454