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.
