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Hollie Adams - 1 Sterling - 1 THOMAS - 1 Huw Pill's - 1 HUGH GIMBER - 1 PHILIP SHAW - 1 DOUGLAS GRANT - 1 JEREMY BATSTONE - 1
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☆ Reactions: Bank of England bashes pound after halting rate rises
  + stars: | 2023-09-21 | by ( ) www.reuters.com   time to read: +8 min
A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Investors had already rushed on Wednesday to reel in their bets on further UK rate rises after data showed UK inflation cooled surprisingly quickly in August. Against the euro , the pound was down 0.5% at 86.74 pence, having traded around 86.70 pence before the decision. "The MPC still refers to its flexibility to react should things change, but the chances are this could be the peak in this UK interest rate cycle." "However, there is a risk that the ‘lag effect’ on interest rate hikes means that today’s decision may not be felt for another 9 to 12 months."
Persons: Hollie Adams, Sterling, THOMAS, Huw Pill's, HUGH GIMBER, PHILIP SHAW, DOUGLAS GRANT, JEREMY BATSTONE, CARR, RAYMOND JAMES, FRANCES HAQUE, JOE TUCKEY, RICHARD GARLAND, GILES COGHLAN, BoE, stagflation, Amanda Cooper, Dhara Organizations: Bank of England, City of, REUTERS, London, Investors, Bank of, Bank, MPC, SANTANDER, LONDON, Core CPI, PMI, CPI, EMEA, Thomson Locations: City, City of London, Britain, London, MANX, EUROPEAN, FRANCE, GROUP, OXFORDSHIRE
☆ Analysis: Rate rises pile pain on SME firms in U.S. and Europe
  + stars: | 2023-03-30 | by ( Chiara Elisei | ) www.reuters.com   time to read: +6 min
Summary SME vulnerability to rate hikes gone under radarUS, European credit conditions tighteningUK SMEs especially vulnerable -analystsLONDON, March 30 (Reuters) - U.S. and European small and medium-sized (SME) firms may be next to feel the pain of rapid interest rate rises, with analysts and investors warily watching for the impact of tighter credit conditions exacerbated by recent banking turmoil. In the U.S. the average rate that small businesses pay on bank loans rose from around 5% to 7.6% in 2022, and is likely to hit about 9.5% by mid-year, Jefferies analysts estimate. British SMEs, hurt by weak growth, double digit inflation and rising Bank of England rates, are seen as particularly vulnerable. "The Government needs to demonstrate that it is on the side of small businesses who are feeling stressed and under huge margin pressure," McTague added. HARD TIMESMeanwhile the rate of small business loan approval at big U.S. banks meanwhile fell in February for nine straight months and business loan approvals at small banks has also fallen, said online financing platform for small businesses Biz2Credit.
☆ As recession looms, British business sends out lending SOS
  + stars: | 2022-11-17 | by ( Sinead Cruise Iain Withers Lawrence White | Sinead Cruise | Iain Withers | ) www.reuters.com   time to read: +7 min
Any crunch for Britain's small businesses, which often lack the scale to pass on cost rises to customers as easily as bigger rivals, could deliver a new economic body blow. "How are we going to get out of this hole if it's not small businesses? "But there's no question that small businesses now have less capacity to increase their borrowing because you've got a slowing economy." Indeed small companies in Britain see their access to credit at its worst level since 2015, according to a quarterly survey by the FSB of 1,383 small business owners. Many small companies have also yet to repay state-backed loans extended to prop them up during COVID lockdowns, making their credit profiles increasingly unattractive.
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