Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“Today’s decision by the Bank of England to hold interest rates at 5.25% offers stability to businesses in Wales. Until inflation meets the government’s 2% target, it is likely that the interest rate will remain at this level for some time so businesses can adapt and plan accordingly.
“However, the high level the rate is currently held at is still a source of concern for SMEs. 41% of businesses in Wales stated that interest rates were more of a concern to them in Q4 of 2023 than in the previous three months in our Quarterly Economic Survey.
“With a leadership contest in Wales happening now and a UK general election expected in the latter half of the year, it is important that clear plans for the economy are set out to reassure and boost the confidence of businesses.”
