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November spawned a monster rate cut

Posted by Ross Smith on November 6, 2008 2:16 PM | 

The size of today's interest rate cut has taken almost everyone by surprise, but it is to be hoped it produces the desired positive effect on consumer spending and investment.

As NECC's vice president Martyn Pellew said earlier today, there are many exciting investment projects in the pipeline for the North East including in the processing and ports sector. Hopefully these have been brought a little closer by today's announcement.

Martyn went on to say that banks, businesses and the public all need a confidence boost at present, which the MPC has gone some way towards providing.

But the MPC can't do it all on its own and the Chancellor needs to deliver a fiscal stimulus as well when he makes his Pre-Budget Statement later this autumn.

We wrote to him this week and it will come as no surprise that removal of empty property rates was high on our list of requests.

Revisiting capital gains tax and resisting the planned further increase to small business tax rates would also be welcome.

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