The Bank of England has made the widely expected cut to interest rates today from 4.75% to 4.5%, one of a number expected in 2025. A more stable but still off target inflation rate has given the B of E the opportunity to continue easing rates, this cut expected last December .

Little comfort though to the small army of SMEs with pre-arranged overdrafts, paying a punitive 35% or higher, contributing to UK Banks £2 billion plus yearly profit from overdrawn accounts fully authorised when rates were  high but less than half this rate, not at Pay Day loan levels. If you can get your money out of them  of course which recently has not been that straight forward.

 This is at the time when insolvencies are increasing, and SME's are still struggling to pay back Pandemic related survival loans, as banks close hundreds of branches across the UK reducing their services and their runninhg costs, even further.