The Bank of England recently revealed that rate rises should be expected earlier and will be larger than previously thought. The bank indicated that the pace of interest rate could accelerate if the economy remains on its current track.
Policymakers voted in their November 2017 meeting to keep the interest rates on hold at 0.5%. However the Bank Policymakers have now confirmed that the rates will need to rise earlier and at a greater extent to what was previously predicted, with the rise in interest rates happening as soon as May 2018.
The higher interest rate will have an important effect on the economy. Interestingly, the Bank of England also found that global economy was expanding at the fastest pace in seven years and this growth has provided benefit the UK.
If you are worried about the rise in interest rates and what it could mean for your business, please contact our team of specialist advisors on 01275 817320.