UNDER EMBARGO UNTIL 06 August 2015 13:45

Small businesses welcome interest rate stability, says FSB

Responding to the Bank of England Monetary Policy Committee’s decision to hold interest rates at 0.5%, John Allan, National Chairman, Federation of Small Businesses, said:

“This continued period of interest rate stability will be welcomed by our members. Recent FSB research shows that many small businesses are in a robust mood, planning to invest in their firms, raise wages and hire new staff. This decision will help underpin that confidence.

“Bank of England Governor Mark Carney has said that the bank could raise rates at the turn of this year. Mr Carney’s signal will help prepare the business community for what will be the first interest rate rise since July 2007. But once rates do start to rise, it should be done gradually to allow businesses to absorb costs and plan ahead."

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Emma Smailes

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The Federation of Small Businesses is the UK's largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms. Formed in 1974, it now has around 200,000 members across 33 regions and 188 branches.