"SMEs must take this as yet another reminder to review their existing lending structures"

Douglas Grant, group CEO at Manx Financial Group PLC:

“Today’s rise in interest rates is yet another blow to businesses struggling to manoeuvre as cashflows are squeezed.

“Stubbornly high inflation and flatlining GDP data highlighted sluggishness that may be difficult to shake off.

“Indeed, coupled with the global banking sector showing signs of weakness, SMEs must take this as yet another reminder to review their existing lending structures and ensure they are prepared for further challenges.”