The Bank of England has cut interest rates by 0.25%, from 5.25% to 5%.
It is the first cut in over four years, since March 2020, and is the first change in the rate since August 2023.
Our response:
Responding, Allen Simpson, Deputy Chief Executive of UKHospitality, said: “I hope this will provide some relief for businesses that are continuing to pay back Covid loans, and encourage consumers to spend.
“Now is the time to press the accelerator on growth. We need to see interest rates continue to fall, and for the Government to urgently implement its promised reforms to business rates. Combined, this will see a meaningful and much-needed boost for hospitality businesses.”
