John Longworth, director general of the British Chambers of Commerce (BCC), also welcomed the announcement.
The British Chambers of Commerce has said there is a longstanding "structural fault" in business lending.
David Kern, chief economist at the British Chambers of Commerce described the figures as "grim reading".
Meanwhile, the British Chambers of Commerce (BCC) called for the Bank to resist calls to raise rates.
And the British Chambers of Commerce said small firms needed support and encouragement.
But the British Chambers of Commerce said businesses were already "busting a gut" and the government could do more.
The British Chambers of Commerce (BCC) is preparing a report calling for a big rethink of Britain's laissez-faire export policy.
"We're not seeing any significant feed-through to business lending, " says Adam Marshall, policy director at the British Chambers of Commerce (BCC).
That is probably why business groups such as the CBI and the British Chambers of Commerce are still cautious on the subject.
The British Chambers of Commerce said it continued to support deficit reduction but it warned this might become impossible without sustained economic growth.
BBC: Budget 2013: Liam Fox urges spending freeze and tax cuts
Business lobby group British Chambers of Commerce (BCC) says most UK companies want to stay in Europe, with some powers brought back home.
Business groups, such as the CBI and the British Chambers of Commerce, welcomed the proposals and called for them to be implemented quickly.
Earlier another business group, the British Chambers of Commerce, said it expected to see an expansion to quantitative easing, but not until May.
The British Chambers of Commerce has called for the government to abandon its opposition to airport expansion and scrap Air Passenger Duty increases.
BBC: Labour scraps plan for third runway at Heathrow Airport
It comes to something when you hear Labour, the CBI, the British Chambers of Commerce and the TUC all demanding exactly the same thing.
The British Chambers of Commerce, and the Standard Chartered Bank have also said that unemployment could reach about 3 million before the recession ends.
Economic growth is being hampered by too many UK transport projects being stuck in the "slow lane", the British Chambers of Commerce (BCC) has said.
The UK economy is recovering too slowly and more support needs to be provided for private sector firms, the British Chambers of Commerce has said.
However, the British Chambers of Commerce (BCC) called for swift action.
David Kern, economic adviser to the British Chambers of Commerce, gave warning on May 15th that the higher minimum wage would add to the jobless total.
"These figures are at odds with the experiences of many UK businesses, which continue to operate with guarded optimism, " said David Kern, chief economist at the British Chambers of Commerce.
David Frost, director general of the British Chambers of Commerce, said it was "a necessary and long overdue response to the relentless chop and change of tax law".
"Vince Cable is right to say that dismissal procedures need to be slimmed down, " Dr Adam Marshall, director of policy at the British Chambers of Commerce (BCC), said.
The British Chambers of Commerce said it hoped that the new governor would "focus relentlessly on supporting business growth across the UK - not just in the Square Mile".
David frost, director general of the British Chambers of Commerce, and John Whiting, tax policy director at the Chartered Institute of Taxation, analyses the main parties' VAT policies.
John Longworth, director general of the British Chambers of Commerce (BCC), said the reforms in themselves would not help the wider problem of businesses gaining access to bank lending.
However, John Longworth, director general of the British Chambers of Commerce, said he expected inflation to rise in the near term, as further rises in utility and food prices kicked in.
The British Chambers of Commerce (BCC) gave the scheme a cautious welcome, saying it was keen to see how the scheme worked in practice, and urged the government to go further.
The British Chambers of Commerce said it "fully supported" the Bank's decision, while the manufacturers' organisation, the EEF, said the decision was expected and "likely to be maintained in the short term".
The British Chambers of Commerce (BCC) called on the government to do more to boost British exports, while the British Retail Consortium said the Games had done little to boost retail sales.
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