How can SMEs cope with the latest hike in inflation?

MT Asks: With the latest inflation update from the Bank of England crushing any business confidence, leaders have been prepping their businesses for the coming financial crisis

by Éilis Cronin
How can SMEs cope with the latest hike in inflation?

In an unwelcome blow to households and businesses everywhere, the Bank of England has raised interest rates to 1% - the highest level since the 2008 financial crisis. It also gave its gloomy forecast that the UK economy would be almost 1% smaller next summer compared to this summer.

While many feel they’re being kicked while already down, SMEs in particular are feeling the impact of skyrocketing inflation rates and a cost-of-living crisis spiralling out of control. 

So, as businesses face another year of financial difficulty, MT asked business leaders how SMEs can cope with this latest rise.

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