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With the Bank of England Monetary Policy Committee increasing its base rate by another 0.5 per cent to 1.75 per cent, UK businesses face an immediate increase in interest payments of more than £2bn.
Analysis of Bank of England data shows UK businesses are currently paying £14bn annually in interest payments on their £409bn in floating rate debt.
This debt is likely to be impacted by the interest rate rise immediately, while businesses that have to refinance their fixed-rate debt will be hit by the rate rise later.
Read more at City A.M.