The Bank of England have held interest rates at 4.75%, in its last rates decision of the year.
Responding, Kate Nicholls, our Chief Executive, said: “It’s disappointing that the Bank of England has held interest rates today.
“A rate cut could have helped incentivise economic growth and relieve the pressure of high interest rates on businesses, particularly those in hospitality saddled with Covid loan repayments.
“While inflation increasing for the second consecutive month is concerning, generating economic growth has to be the priority.
“Interest rates coming down and a rethink of changes to employer NICs will both be critical components in providing hospitality businesses with the financial headroom they need to invest and grow.”
