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Interest rate rise sparks concerns from Shropshire business chiefs

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The Bank of England’s latest interest rate rise comes with ‘potentially serious side effects’ for the economy, Shropshire Chamber of Commerce fears.

Businesses which are relying on debt to keep afloat after three years of turbulent times will be disproportionately impacted by the decision, according to deputy chief executive Ruth Ross.

“Shropshire businesses will also need to see concrete action in the upcoming Budget to promote growth, including plans on infrastructure, tax, skills, and trade.” “The main driver of inflation for most firms is energy costs, but this requires a clear policy solution, with immediate relief for those most affected and longer-term structural changes to ensure this market failure does not occur again.”

 

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