With latest data showing that CPI is far lower than a year ago, SMEs are hopeful that interest rates will soon start to fall.
Figures show that CPI dropped to 3.9% in the year to November 2023, down from 4.6% in October.
Responding to the news, Martin McTague, National Chair of the Federation of Small Businesses (FSB), said, “The decrease in inflation is a whisper of relief to small firms as we end the year.
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“The reduction marks a significant shift from the staggering 10 per cent figure this time last year at the peak of the cost-of-doing-business crisis.
“As inflationary pressures ease, small firms will be wanting the Bank of England to indicate when interest rates may start to fall – this would increase access to finance, drive economic growth and provide a fighting chance at avoiding a recession.
“Businesses will be hoping for a stable environment characterised by more predictable market conditions and lower costs in 2024.”
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