The Bank of England (BoE) has raised the UK interest rates to highest figures since 2009 to 1.25% and is now predicted to reach 11% inflation increase this autumn when energy bills are set to increase again.
Over 50% of the Monetary Policy Committee (MPC) members voted for a 0.25 basis point hike, leading to a fifth consecutive rise. The new interest rate will be the first time it has exceeded 1% since January 2009. Three members of the MPC also voted to raise interest rates to 1.5% which would have been the biggest increase since 1995.
Despite the expected rise in increase rates, the decision to raise rates will add further concern for businesses who are currently tackling a weakened economic outlook, soaring costs pressures and labour shortages.
The MPC has justified the increase as a necessary action in order to return to inflation to the 2% target sustainability in the medium term, in line with its remit. Future increases in bank rate will be determined by the committee’s assessment on the economic outlook and inflationary pressures, this will also be a determining factor of the scale, pace, and timing of increases.
The increase demonstrates the Bank’s desire to tackle inflation increases but for businesses who have seen increases in overall costs since 2021 a higher interest rate is highly unlikely to address many of the global cases of this.
Higher interest rates will also affect smaller businesses who are reliant on banking or overdraft facilities.
Since 1992, D E Ball & Co Limited has been an independent business advisory service based in Telford, Shropshire. With their advisors working with businesses in the agriculture, services, construction and retailer sectors, they have a broad span of knowledge to offer. To find out more about D E Ball and interest rates click here: https://www.deball.co.uk/
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