The Bank of England has announced the lowering of interest rates from 5.25% to 5% for the first time since 2020 as inflation continues to remain steady. The Bank Rate, which has been at a 16-year high of 5.25% for the past year to combat inflation, has now been reduced to 5%, marking a decrease of 0.25 percentage points.
Governor Andrew Bailey said the move comes after inflationary pressures “eased enough that we’ve been able to cut interest rates today”.
If you’re contemplating borrowing for asset finance or business loans and have the means to do so, it’s a prudent move to consider fixing your rates now. This strategic step can offer your business the much-needed stability and predictability required to weather the fluctuations in economic conditions.
At Approved Finance Group, we’re dedicated to assisting you in making informed financial decisions. Feel free to get in touch with us to explore your financing needs and discover the most suitable options for your business’s future. Your financial success is our top priority.
We want to emphasise the importance of not delaying your financial needs. Waiting exposes your business to the risk of potentially higher costs down the road. Moreover, if you’re in the early stages of considering funding for your business, it’s still advantageous to consult one of our specialist brokers to secure a fixed finance quote. This quote remains valid for up to three months, offering you peace of mind in a dynamic financial landscape.
To discuss your finance requirements, don’t hesitate to contact a member of our team. Reach us by phone at 01908 429888, email us at info@approved-finance.co.uk, or access our comprehensive finance guide PDF for further insights through the link below