Shropshire businesses will be hoping that the latest hike in interest rates signals the beginning of an end to the rising cost of borrowing, according to the county’s Chamber of Commerce.
The Bank of Englandby 0.25 per cent to 5.25 per cent – the 14th consecutive monthly rise, taking it to its highest level in 15 years.
“While tackling inflation remains the top concern for businesses overall, interest rates are close behind, and are definitely more of a worry for employers than they were at the start of this year. She added: “Small businesses tend to be the ones with smaller cash reserves – particularly in the wake of the Covid pandemic – which means they have greater exposure to the fluctuating cost of finance.
The British Chambers of Commerce said there were signs that pressure to raise interest rates further were slowly starting to decline.
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