Following today’s UK stagnant inflation rate this morning, industry specialists comment on what this will mean for local SMEs.
Jonathan Andrew, CEO at Bibby Financial Services:
“Today’s stagnant inflation rate is bad news for UK businesses, especially as our recent research saw 59 per cent of SME owners continue to cite inflation as a key challenge.
“With inflation remaining around three times higher than target, businesses are having to contend with rising fuel costs, skills shortages and persistently high interest rates as they try to stay afloat. If this wasn’t enough, financing is becoming more expensive and harder to access for many smaller businesses at a time when external support is crucial to their survival.”
