BBC Breakfast chose Advance Tapes for live broadcasts throughout the morning surrounding the speculation of the anticipated Bank of England cut in interest rates. The prediction was a reduction from 0.5% to 0.25% which would be a record low and the first cut since 2009. Ahead of this decision, the national broadcast aimed to find out how businesses might react and how this decision would affect individuals as well.
Advance Tapes was highlighted as an ideal representative UK Tape Manufacturer and exporter, and was chosen to host the show. The breakfast show was broadcast live from Advance Tapes’ Converting site located in Leicester, on Thursday 4th August 2016, with guests including Paul Forrest from Midlands Economic Forum, David Hollingworth from London and Country Mortgages, and Jasmine Birtles, a personal finance expert. Ben Thompson from the BBC interviewed Mike Ayres, Chairman of Advance Tapes on the impact of interest rates for a UK Manufacturer.
What would the interest rates cut mean for Advance Tapes?
“For Advance Tapes, as an UK exporter, it is great news! It makes our product more competitive abroad because this is keeping the pound low and also making the cost of asset finance cheaper. So for a company intent on growth, that is a great short term.
The concern we have really is what is going to happen next. I think there is a lot of uncertainty about where it goes and what Brexit is going to mean going forward. With 80% of our business outside of the UK, we need to know about the trade deals that will be secured with Europe over the coming months” Explains Mike Ayres. While we await those decisions, Advance Tapes wants to reassure its customers that it is very much business as usual – the result brings no immediate changes or implications to the way in which it trades. Nor does the result alter Advance Tapes’ priority and commitment to its European customers and employees. Advance puts the customers’ interests first, offering the most appropriate product solutions, whatever the customer project, wherever customers are located.
Watch an extract of the live interview about the impact of Interest Rate Cuts
https://www.youtube.com/watch?v=SHz-j_OPnEo Mike Ayres also held an interview with BBC East Midlands Today, covering the same topic.
The interview can be viewed at 2:03min. https://www.youtube.com/watch?v=RAcgLV8loyM