The boss of one of the UK’s biggest Chambers of Commerce says businesses are increasingly worried about the impact interest rate hikes will have on their operations.
The Bank of England has raised interest rates to 1 per cent and warned inflation will top 10 per cent as the economy heads for recession.
Members of the Bank’s nine-strong Monetary Policy Committee voted 6-3 to raise rates from 0.75 per cent to 1 per cent – the fourth time in a row that they have voted for a rise – in a bid to pour water on rising prices.
