The economic landscape is ever changing. Throughout a continuous period of interest rate rises, UK businesses have been asking the obvious question: what’s the impact?
Just last week, a new update came. The Bank of England announced they’re holding the rate at 5.25%, stating that previous increase in rates are working to bring inflation down. However, although rates have finally stabilised, there is no room for complacency.
Even though the interest rate remains the same right now, it’s crucial to prepare for the possibility of interest rate hikes in the future. We know that this is the Bank of England’s weapon of choice when it comes to fighting inflation. This means we have to be prepared.
With this in mind, I thought it worthwhile to shed some light on how changes in interest rates can impact our customers.
At Hexa, we understand that interest rates play a pivotal role in financial decisions, and that they highly impact our customers, especially customers with long lead times on their projects.
The cost of borrowing is a critical factor that influences affordability, which is why it’s more important than ever for us to communicate regularly with our customers to ensure full transparency about interest rates and how they might change during the application process.
Whether as an SME you have expansion plans or new purchases, a rise in interest rates could put a delay on your goals. But, here at Hexa we will always endeavour to find the best deals and finance products to suit our customers and help them thrive in any economic climate.
We’re committed to keeping our clients informed, and our team are always available to provide guidance on how to navigate interest rate fluctuations in the lending environment.
Get in touch to find out more.