Federation of Small Businesses responds to interest rate cut

Responding to the Bank of England’s cut in interest rates of one and a half per cent, Federation of Small Businesses National Chairman John Wright said:

“The Federation of Small Businesses welcomes the Bank of England’s interest rate cut of one and a half per cent, from 4.5 per cent to 3 per cent. We called for a bold one per cent cut and this unexpectedly large rate cut will make an enormous difference to small firms and will put money in people’s pockets before Christmas. The cut amounts to a generous saving for small firms of £750million on loans and overdrafts.

“But all this will come to nothing if the banks do not follow through and pass on the rate cuts to those small firms struggling with increased costs of credit.”

Sophie Kummer
Senior Press Officer
Federation of Small Businesses
Telephone: +44 (0) 20 7592 8128
Mobile: + 44 (0) 7917 628 998

Website: www.fsb.org.uk