Latest News

BUSINESS: Interest rate reduction response from Azets

8th August 2025

Mark Barrie, Head of Debt Advisory at UK top 10 accountancy and advisory firm Azets, said: “Today’s reduction makes sense, given rising unemployment, the continuous fall in job vacancies, sticky inflation, spiralling national debt, a dire fiscal outlook and persistent cost pressures since April on business, including the increases in national insurance contributions and minimum wage.

“Being able to borrow money at a lower interest rate will make life a little easier for many companies which need debt to grow or to keep their heads above water.

“Anything to help ease the cost of borrowing money is welcome – the Office for Budget Responsibility states that the UK has the sixth highest debt, fifth highest deficit and third highest borrowing costs among 36 advanced economies.

“It was in in early 2023 that the Bank of England’s interest rate was previously at 4% – Flowers by Miley Cyrus was a break-up number one in the charts at the time. The economy is wilting and needs nourishment through cheaper borrowing.”