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Comment - impact of Bank Rate increase on businesses PDF Print E-mail
Friday, 03 November 2017
Ted Winterton, UK CEO at Bibby Financial Services, said:   “The increase is a mixed blessing for SMEs. On the one hand it signals that the Monetary Policy Committee is more confident about the economy, but the rise in interest on loans could hit some micro businesses who’ve become used to a decade of rock bottom rates. Our Global Business Monitor research recently found that over half (56%) of businesses expect to be affected by an interest rate rise and two fifths (39%) believe that this would negatively impact their business.  

“With the Bank of England forecasting two additional rate rises by 2020, businesses are likely to become even more stretched. It is therefore crucial that SMEs review their business plans to account for future rate increases, while also leaving enough room for the funding they need to invest in their business so they can continue to grow.”

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