How a 5% interest rate hike will affect trading

The current interest rate is the highest seen in over 15 years, and while Jeremy Hunt has announced help for homeowners, what could alleviate pressure on SMEs’ expenses?

It was announced yesterday (22 June) by the Bank of England that interest rates will immediately increase from 4.5% to 5.%, marking the 13th consecutive hike since rates were first increased in December 2021 from a low of 0.1% to 0.25%. 

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