Thursday 3 August 2023
LCCI statement in response to the Bank of England's decision to raise the base rate of interest to 5.25%.
Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI), said: “As interest rates continue to rise, the Government must reconsider the support it currently provides to SMEs, particularly regarding energy bills which will only increase further as the winter months draw closer. The Government and the Mayor of London must also work with lenders to ensure affordable finance can still be provided to SMEs across the capital so that firms have access to working capital to help them mitigate costs."
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