Advice firms in line to feel base rate rise pinch on small businesses

The Isle of Man-headquartered financial services group said small businesses in the UK are already juggling a "challenging balancing act between inflation and recession". Group chief executive Douglas Grant has warned small- and medium-sized businesses (SMEs) needed to take the bank's most recent move as "yet another reminder to review existing lending structures" as well as to ensure they are prepared for further challenges. According to Manx Financial Group, 40% of SMEs had to stop or pause an area of their businesses in the last year. This was up from 27% in the 12 months prior. ...