Federation of Small Business leader Mike Cherry has urged the Bank of England Monetary Policy Committee (MPC) to be cautious with interest rate rises.
Ahead of the Bank of England (BoE)’s November interest rates decision a week today, Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said: “Any firm that’s set-up in the past decade has only known rock bottom interest rates. If the BoE is going to start increasing interest rates, it’s critical that business owners understand what rises mean for them.
Catch them unaware
“Awareness is particularly important for the smallest businesses and self-employed because their personal finances are often tied-up with their firms. If their mortgage, personal loan and car leasing payments start to creep up, that’ll have a very direct impact on their ability to invest for growth and create jobs.
“Rates will inevitably rise but it’s critical that they do so at a pace that small businesses can manage.”