A third of entrepreneurs have seen a positive impact on their business from the Bank of England’s decision to keep interest levels low, according to research from Tenon, but any signs of recovery remain fragile.
Commenting on today’s MPC decision, Andy Raynor, chief executive of Tenon Group, said:
“Maintaining this low rate of interest is good news for entrepreneurs as a third have found the lowering of interest rates to be beneficial to their business. However, any expectations of recovery this year may require additional stimuli as many entrepreneurs are still struggling to get back on their feet.
“Low interest rates are highly beneficial for small businesses, but these levels must remain in place for a considerable period of time. It is too early to be certain of any economic recovery this year and a rise in interest rates would be disastrous for confidence in the foreseeable future.”
The Group, which offers specialist advice to entrepreneurs, also found that those in Scotland have seen the most benefit from the cuts - 43% have seen a positive impact on their firms.
Source: Tenon
www.ukba.co.uk
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