The Bank of England has cut interest rates from 4.5% to 4.25%.
UKHospitality has said the cut will provide some relief for businesses paying back Covid loans and urged the Bank of England to meet market expectations of further rate cuts this year.
Our response
Kate Nicholls, Chief Executive of UKHospitality, said: “This cut to interest rates is positive for hospitality businesses.
“Many venues are still paying back Covid loans and have been suffering under high interest rates, as well as continuing to grapple with the £3.4 billion in additional annual cost that was placed upon them last month.
“Driving economic growth is rightly the Government’s focus and it’s clear that the markets are anticipating further cuts to interest rates this year. It’s important the Bank of England meets those expectations.
“This will be absolutely vital for hospitality businesses to fulfil their ability to support our communities, create local jobs and drive socially productive growth.”
