A call for support: Why the Monetary Policy Committee should cut BoE base rates for SMEs – by Nick Smith

Whilst we understand the reasoning behind the predicted rate hold later this week, we urge the Monetary Policy Committee to consider a small reduction to the Bank of England base rate to show support and solidarity for SMEs across the UK.

Costs continue to rise around the country, meaning SMEs are still being hit at every turn. In addition, recent data from the Office for National Statistics has shown that job openings are reported to have fallen by 5.8% between May and July across nearly all industries, and the economy flatlined in July, both very worrying signs that demand is weakening.

SMEs have less of a buffer to absorb the ever-growing costs, and a small rate cut would help to alleviate some of these financial pressures, support growth and bolster confidence.