GREATER Manchester business leaders feel more should be done to boost the economy other than lowering interest rates.
Their comments came after the Bank of England’s decision to cut the rate to one per cent, the lowest in the Bank’s 315-year history.
Ilona Krohn, principal economic adviser of Greater Manchester Chamber, said: “It was widely expected that the bank would cut rates again this month. However, since past rate cuts do not seem to have had the desired effect, it is quite clear that broader action is needed.
“At the heart of our current economic situation is a global crisis of confidence and we would like to see decided, consolidated and co-ordinated international action to restore faith in the economic system.”
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