Interest rates hike for the 14th time since Dec 2021

The Bank of England has hiked interest rates for the 14th time since December 2021 to 5.25%. This takes the UK's Bank Rate to its highest point since 2008. ​

Rising rates affects almost every aspect of businesses (as well as the owner's personal life) due to reduced consumer spending, the cost of mortgage and debts going up, and profit margins decreasing. Now more than ever, business owners will need to focus on cashflow management and support from their accountant.​

Reach out to us if you need any help or advice in planning for or navigating these changes.​