FSB reaction to interest rate cut

The Federation of Small Businesses (FSB) today welcomed the Bank of England’s decision to cut interest rates by half of one per cent from 5 per cent to 4.5 per cent.

Commenting on the surprise move, FSB National Chairman, John Wright, said:

“This should be very helpful to Britain’s small businesses but the welcome cut will only come into play if the banks follow through and reduce their charges to small businesses accordingly. We would urge the Government, now that it has a stake in the banks, to ensure all base rate cuts announced by the Bank of England are honoured by the clearers.”

ENDS

Notes to Editors

1. The FSB is Britain’s leading business organisation with over 215,000 members. It exists to protect and promote the interests of the self-employed, and all those who run their own business. More information is available at www.fsb.org.uk.

Contacts:

Stephen Alambritis: 020 7592 8112 / 07788 422155
Sophie Kummer: 020 7592 8128/07917628998
Prue Watson 020 7592 8121 / 07825 125695
Marc Shoffman 020 7592 8113 / 07595 067068

For regional FSB contacts please go to www.fsb.org.uk/regions