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Are <strong>businesses</strong> taking<br />
action following<br />
interest rate increases?<br />
Since December 2021, the Bank of England has been<br />
steadily increasing interest rates, elevating the base rate<br />
from 0.25% to 5.25% in August 2023.<br />
With rates at their highest since 2007, banks have responded<br />
by offering <strong>new</strong> savings products and/or higher interest<br />
rates to <strong>businesses</strong>, many of whom did not exist last time<br />
rates were so high.<br />
So, in the face of high inflation and a cost- of- living crisis, the<br />
question arises: have interest rate movements had any<br />
effect on how <strong>businesses</strong> use savings accounts?<br />
What factors might encourage <strong>businesses</strong> to open a <strong>new</strong><br />
savings account? Data from <strong>Savanta</strong>’s MarketVue <strong>Business</strong><br />
Banking survey will answer these questions.<br />
savanta.com<br />
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