Renewable Energy UK

The Bank of England has cut its base rate from 0.50% to 0.25%, in line with expectations. This move was designed to counteract the impact of the economic uncertainty following the vote to leave the EU.

The Barclays Bank Base Rate has also been lowered to 0.25% with immediate effect. This could have a number of implications for your business.

For example, if you have a loan where the interest rate is directly linked to base rate – or your borrowing is linked to other variable rates - you should see a reduction in your interest payments. This could give you more cash to invest in future innovation and growth.

Where you've borrowed at a fixed rate for a given term, however, the interest you're charged will remain unchanged until the end of that term