BUSINESS leaders in Bury and Bolton have had their hopes of a reduction in the level of interest rates dashed.
For at its latest meeting, the Bank of England has decided to maintain the rate at six per cent.
Andrew Ratcliff, Chief Executive (designate) of Bolton and Bury Chamber, said: "Given the indications of deteriorating global economic conditions, we are disappointed that the Bank has failed to make a quarter per cent cut, which would have helped boost business confidence at this critical stage.
"Such a cut would have helped some of our vulnerable local manufacturers who continue to struggle against a strong pound and who are now facing weaker global demand for their products."
He added: "Given the current economic climate, where fierce competition is keeping the lid on prices, we believe that the Bank could have made such a move without prompting an inflationary rise."
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