'Cut rates'

24th July 1982, Page 5

24th July 1982

Page 5

Page 5, 24th July 1982 — 'Cut rates'

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E prospect of lower interest as has been welcomed by Sir .ence Beckett, director genii of the Confederation of tish Industry.

'The best thing that can be re to assist business in Britain lay is to bring down interest es," he said.

'Every day we read of good ns closing down or going into hands of the Receivers and most cases the very high rate interest being paid is the final 11 in their coffin."

rhe true figure for borrowing business is at least two per it higher than the base rate, Terence said.

'With borrowing at that level d the costs that imposes, it is ry hard indeed for many firms make progress. Certainly it is rd to see any profit or more )s coming from new invest3nts," he said.