The Bank of England’s base rate, also referred to as the Bank Rate or simply the interest rate, is a key economic tool that affects the cost of borrowing and returns on savings in the UK. Set by the Bank of England, it helps control inflation and maintain economic stability.
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The hospitality industry has welcomed the Bank of England’s decision to cut interest rates to 5%, the first reduction in four years. The previous rate of 5.25%, a 16-year high, had been in place since August 2023.
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A joint survey spanning several leading hospitality bodies has showed that venues have the appetite to invest in the future of their businesses, despite continuing to face a wide range of cost pressures.
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The Bank of England’s decision to increase the base rate to 5% is a stab in the eye to under pressure businesses and struggling consumers. It would be hard enough to swallow if it were the right medicine for the illness. When it is based on a misdiagnosis it is unacceptable.
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UK industry has been left reeling once again following another inflation spike and subsequent interest rates hike, as the ever-increasing price of food and drink continues to stretch the nation’s purse strings as well as the cost of its collective shopping basket.
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Way back when I studied economics at university, I also studied sociology. It struck me then that the way economics is taught is deeply flawed. To call it a science, even a social science, doesn’t make any sense. Unlike scientific study of the cosmos or gravity discovering immutable laws, economics seeks to explain how and why humans do certain things.
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