Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Interest rates raised for 12th time in a row

Latest news

Browse by category
Business News

Interest rates raised for 12th time in a row

May 12 2023

UK interest rates have been raised for the 12th time in a row in a further attempt by the Bank of England to slow rising prices.

The increase to the Bank's base rate from 4.25% to 4.5% means rates are now at their highest level since the height of the global financial crisis in October 2008.

The rise will mean higher mortgage payments for some homeowners, while people looking for loans will face higher borrowing costs. However, high interest rates can benefit savers.

Reacting to the decision, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: 'The unprecedented and prolonged spike in inflation has been devastating for many small firms who have been struggling to absorb continued price rises.

'But interest rate rises can also have serious negative effects too, particularly for firms looking to borrow to manage their cashflow problems. The combination of high interest rates and high inflation would mean the worst of both worlds for many small firms.

'The UK government should consider further action to break this vicious cycle by boosting economic growth through investment in infrastructure, skills training and global trade.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.