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BCC welcomes radical bank rescue plan but additional measures are needed

08/10/08 | 09:45

Commenting on the rescue package for the UK banking system announced this morning by the Chancellor of the Exchequer, David Kern, Economic Adviser to the British Chambers of Commerce (BCC), said:

“We welcome the radical measures announced this morning by the Government. We hope the package will restore stability. But given the erratic mood in the financial markets, there remains a risk of renewed speculative attacks.

“In the current situation, the authorities must not be taken by surprise. If the need arises, they must have additional instruments at their disposal.

“The financial turmoil must not be allowed to damage the real economy. It is critically important to restore confidence. The vital flow of finance to businesses and consumers must be maintained at all costs. A cut in interest rates tomorrow, and a reduction in business taxes, remain vital steps.”

Ends

Media Contacts:

Fiona Cunningham
Tel: 020 7654 5812
Email: f.cunningham@britishchambers.org.uk

Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk

Notes to Editors:

The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.

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