BCC Welcomes Further Interest Rate Hold 

Nov 3, 2023

Reacting to the latest Bank of England interest rate decision, David Bharier, Head of Research at the British Chambers of Commerce, said: 

“Today’s decision to again hold the interest rate at 5.25% will allay some concerns of the businesses we speak to that are unable to stomach further rises. 

“Our research has shown that interest rates have grown as a key issue among companies. This is especially true for smaller firms and those in the consumer-facing sectors, who have seen rising borrowing costs and decreased customer demand.  

“The BCC’s Quarterly Economic Survey for Q3 found that 45% of all firms cited interest rates as a concern. With inflation set to ease further, and GDP and labour market data indicating the economy is cooling, the Chancellor’s Autumn Statement must set out a plan for growth. 

“SMEs have been operating in an uncertain climate for too long, with policies constantly chopping and changing over the past few years. They need to see clear direction from decision makers, creating a roadmap for business that really boosts confidence and investment.” 

Chamber news: BCC Welcomes MAC Recommendations 

Chamber news: BCC Welcomes MAC Recommendations 

The Mid Yorkshire Chamber of Commerce is one of 54 chambers accredited by the British Chambers across the UK. Through this network, our team helps to facilitate local, national and international connections, support and representation for organisations of all sizes...

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