Unanimous support for low interest rates

According to the minutes, every single member of the Bank of England Monetary Policy Committee voted not to raise official interest rates in August. Despite inflation being well over its 2 per cent target, there was no appetite for taking action that might limit growth. In previous months, two members of the committee had contended that interest rates should be increased. Commentators believe that this change of heart means that interest rates are even more likely to remain very low for some time.

The Federal Reserve of the United States has announced that they will keep interest rates at historically low levels. This is because they do not believe that growth will gather momentum for some while. Policymakers in the UK are following their example, concerned as they are by international and domestic indicators of economic performance. Businesses can be either alarmed that economic growth is not more buoyant or grateful that interest rates are not being raised.

At Cooper Matthews, we know how high interest rates can be damaging to a company. At the same time, we are aware that many British enterprises are under financial pressure as it is. Since the Great Recession of 2008, many businesses have sadly gone to the wall. This has underlined the fact that the success of a business is dependent on a complex diversity of interacting factors.

If a firm is struggling to service its debts, it is important for it to have its situation evaluated as a matter of urgency. Business debt is more complicated than personal debt and dealing with the latter can be hard enough. Business debt analysis can help establish what solutions are still possible. Once the various options have been reflected on, appropriate action can salvage things.

Business debt services know that it is important not to be deflected by gloomy financial news. Even when things seem bleak, perseverance and seeking the right help can lead to eventual success.

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