Commenting on reports in today's media about a further slump in global oil prices, Scott Knowles, Chief Executive of East Midlands Chamber, said: 'The immediate impact of low oil prices on businesses - and consumers - is good because it reduces the cost of doing business day-to-day and puts more money in people's pockets due to lower fuel prices. However, it also comes with longer term uncertainties.
'Oil, and particularly investment in oil, is one of the foundations of the global economy and long-term low prices create a series of unknowns in the global markets, specifically around inflation and associated changes to interest rates.
'For those businesses in the sector - many of which are supplied by businesses in the East Midlands - this also creates uncertainties. UK policy needs to be mindful of this to ensure businesses can be best insulated from any future shocks.'
DNCC - Derbyshire & Nottinghamshire Chamber of Commerce issued this content on 2016-01-21 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-21 15:39:11 UTC
Original Document: http://www.emc-dnl.co.uk/news/8453/chamber-reacts-to-further-oil-price-slump
