The British Chambers of Commerce said 46% of firms it surveyed said the increase in rates so far was having a negative impact, while 45% said they were not directly impacted.
Retailers and hospitality firms were among those feeling the hit the hardest, the BCC said.
Shevaun Haviland, director general of the lobbying group, said business investment was being held back because of the burden of higher debt bills.
“The Bank of England has indicated rates are nearing their peak,” she said. “Businesses need clarity and certainty this week, that an end to the cost-of-borrowing pressures are really on the horizon.”
The BoE is expected to raise Bank Rate to 5.5% from 5.25% on Thursday, extending the monetary policy tightening that it began in December 2021 as it tries to dampen the inflationary pressures in the economy. But many economists and investors think the BoE will go on pause after Thursday’s expected move.
Source: Economy - investing.com
