Interest Rate Up To 7% Looms

The Bank of England announced the first back-to-back interest rate increase since 2004 as inflation is projected to reach a peak of 7% in April.

Glenn Collins, head of policy at the ACCA, said that although the announcement was expected it will still come as a shock to SMEs.

“It remains to be seen if this move will curb inflationary pressures, which SMEs are having to face alongside rising costs, including the planned health and social care levy due to take effect from 6 April 2022. It’s a tough trading environment for SMEs, especially with increases in prices along supply chains and squeezed household real incomes.”

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