Federation: low rates not helping traders

RECORD low interest rates are not helping small businesses in Weston, according to a trading association.

RECORD low interest rates are not helping small businesses in Weston, according to a trading association.

The town's Federation of Small Business (FSB) reckons independent retailers are not feeling the benefits of rate decreases.

National figures collated by the group show only 24 per cent of businesses wanted a cut in the Bank of England's base rate.

Weston FSB chairman Steve Sharp said: "These figures suggest that the recent interest rate cuts are not having the desired effect and other means of economic stimulus are required.


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"Small businesses in Weston are clearly worried that this monetary policy has been used extensively over the last few months yet they are still struggling to access cheaper finance.

"The concern now is that if rates are cut any further there may not be too much more room for manoeuvre in the economy.

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"The onus is really on the banks to start promoting these lower rates to fire up the economy.

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