Inflation has fallen to 3.2% (from 3.4%) for the month of March in the latest figures published by the Office for National Statistics.
East Midlands Chamber Director of Policy and Insight Chris Hobson said: “Once again we’re seeing inflation continue to ease, with further drops anticipated in next month’s figures. This is hopefully a sign for the Bank of England to continue their path to interest rate cuts this year, with the higher rates we’re currently experiencing acting to hinder business investment and wider growth. In the East Midlands our Quarterly Economic Survey clearly showed inflation as the biggest growing concern for businesses over the next quarter, with interest rates also cited. With the former coming down, reducing interest rates must now follow to give businesses the headroom they need.
“The government must also do its part in enabling growth in the East Midlands. The Manifesto for Growth we took to Westminster last month outlined clear asks for government. These are based in the four I’s of support for Infrastructure, International Trade, Innovation and Investment.”