Chamber news: Rate Hold Gives Business Some Stability 

Feb 1, 2024

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 and from all sectors, right here in the mid Yorkshire region. 

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 hold the interest rate at 5.25%, the same level since August last year, will give some respite for businesses. However, the current level is still a source of concern for SMEs. 

“Our surveys have showed that around four in ten SMEs say they are directly negatively impacted by the current rate, mainly through higher borrowing costs. Smaller firms and those in sectors such as hospitality and retail are disproportionately impacted. 

“The Bank has outlined that inflation is likely to remain volatile for the foreseeable future. Alongside this, UK firms face significant uncertainties with geopolitical conflicts, new trade barriers with the EU, and ongoing skills shortages. The Red Sea crisis has already seen spikes in shipping container and insurance costs which could feed into a renewed wave of inflation.  

“With a General Election fast approaching, political parties will need to set out a clear plan for the economy. The BCC is setting out it’s priorities for the next Government across a series of reports, starting with ‘Green Innovation Challenge’ report, released this week. “

MY Chamber is the go-to organisation for business across Calderdale, Kirklees and Wakefield, if you would like to discuss what this latest release means for your organisation on a local level, please contact our team

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