Banks must pass on low interest rate, demands local FSB chair
Published Date:
07 November 2008
LINDA Walton, local chair of the Federation of Small Businesses (FSB), has welcomed the cut in interest rates, saying it will make a real difference to small firms.
Responding to the Bank of England's cut in interest rates of one and a half per cent, down from 4.5 per cent to 3 per cent, she said:
"We called for a bold one per cent cut and this unexpectedly large rate cut will make an enormous difference to small firms and will put money in people's pockets before Christmas.
"The cut amounts to a generous saving for small firms of £750million on loans and overdrafts.
However, she added: "But all this will come to nothing if the banks do not follow through and pass on the rate cuts to those small firms struggling with increased costs of credit."
The full article contains 149 words and appears in n/a newspaper.
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Last Updated:
07 November 2008 9:50 AM
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Source:
n/a
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Location:
Aylesbury
