Bank of England interest rate rise: Another blow to business confidence

Placing further financial strain on businesses will cause widespread damage to the UK economy, warns Time Finance, as the Bank of England announces its sharpest increase in interest rates in 25 years in a bid to combat rising inflation.

The caution comes as the Bank of England increases its interest rate by 0.5% to 1.75%, a move that will have a detrimental impact on UK business confidence when the challenge of rising costs continues to worsen.

Ed Rimmer, Chief Executive Officer at Time Finance, commented: “The latest interest rate rise is simply another blow to business confidence and places even more financial strain on our economic recovery as we continue to grapple with rising costs…”

Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

More articles like this

Businesses need support, but not at the cost of relationships

In a special feature with Commercial Reporter, Time Finance’s Director of Asset Finance Steve Nichols emphasizes the importance of speed when it comes to supporting businesses, but not at the costs of relationships. The financial pressures currently facing businesses

Paul Seddon joins Time Finance as Head of Credit

Time Finance announced the appointment of Paul Seddon as Head of Credit. In this newly created role, Paul will help to strengthen and shape the firm’s Asset Finance proposition as they continue to increase their lending to UK SMEs

Time Finance launch new long term incentive plan

Time Finance plc (LON:TIME), the AIM listed specialist finance provider has announced the establishment of a 2022 Share Option Scheme. The 2022 Option Scheme has been designed to incentivise and retain the Company’s executives and senior management to

Cost of living crisis prevents 1 in 5 SMEs from investing

Scaling back investment will have a wider economic impact, warns Time Finance as new data shows that businesses are making huge sacrifices due to rising costs, with one in five unable to invest in growing their business.  As part of

7 in 10 businesses preparing for 2022 recession

New data from Time Finance has revealed the scale of impact on UK SMEs as the cost of doing business continues to rise, with 72% of businesses currently preparing for an imminent recession. The latest survey has seen Time Finance

Commercial Loans: Keeping businesses moving

It’s no surprise that businesses are feeling more uncertain than ever. With everything that’s happening in the wider market – from rising energy costs to interest rate hikes, inflation, supply chain disruption –an astonishing 76% of SMEs and

No more posts to show