Bibby Financial Services CEO comments on Bank of England’s decision to hold interest rates
Jonathan Andrew, CEO of international SME financier Bibby Financial Services, has shared his reaction to today’s Bank of England decision to hold interest rates at 4%.
Andrew said, “Today’s Bank of England decision to hold interest rates at 4% comes as little surprise, given yesterday’s announcement that inflation remains significantly higher than the Bank’s target.
“With the ONS forecasting weak GDP growth and the tightening of the labour market, it feels unlikely that interest rates will fall this side of the New Year.
“While UK SMEs are demonstrating resilience in the face of difficult trading conditions, economic challenges continue to apply further pressure. The Chancellor has a critical opportunity in the Autumn Budget to prove that SMEs remain at the centre of the government’s growth strategy. What that looks like is simpler taxes and greater incentives to help small businesses not only survive, but flourish.”
Bibby Financial Services provides financial support and guidance to SMEs across the UK and internationally.
Image provided by Bibby Financial Services
