Freelancers welcome continued hold on interest rates
IPSE, the Association of Independent Professionals and the Self-Employed, has reacted to the Bank of England Monetary Policy Committee’s decision to hold interest rates at their current level.
Commenting on the news, Lorence Nye, IPSE Economist, said: “The MPC took the right decision in maintaining interest rates at 0.5%. Our latest research shows that nearly half (46%) of freelancers expect their business costs to increase in the next 12 months. Raising rates too soon would add to this pressure.
“Although the GDP and wage growth are in more positive territory, inflation remains around 0% – a far cry from the Bank’s 2% target. The UK’s productivity also remains short of where it should be and has yet to return to the levels seen eight years ago.”
