Bank of England votes to hold base rate at 3.75%

Nick Mendes, mortgage technical manager at John Charcol:

“A hold should not be mistaken for a sign that the Bank is relaxed about the outlook. This is still a difficult backdrop, with inflation pressure picking up again while growth remains weak and the labour market shows signs of softening.

“For mortgage borrowers, a hold does not automatically mean mortgage rates are about to fall. Fixed mortgage pricing is driven more by swap rates and lender funding expectations than by Bank Rate alone.

“If markets still believe rates may need to move higher later in the year, lenders are likely to remain cautious.

“We may still see selective cuts where individual lenders want to compete, or where funding costs ease for a period, but borrowers should be careful not to read that as a sustained downward trend.”

Nic Potter, founder and director at Tradelend Property Finance:

“The MPC’s decision provides a constructive backdrop for the property market.

“Stability in interest rates helps underpin buyer confidence, supports transaction volumes, and allows the market to recalibrate after recent adjustments.”

“Whilst we clearly need greater government assistance to kick start the market, keeping rates level at least allows for a period of consistency.

“We could do with seeing some forward guidance from the MPC moving forward.”

Ben Allen, managing director at The Right Mortgage & Protection Network:

“The MPC’s decision to hold BBR may be slightly surprising given the jump in inflation last week, but at the same time, members have clearly asked themselves what would be achieved by an increase at this point.

“The answer is perhaps very little, apart from heaping slightly more pressure on mortgage borrowers at a time when the cost of living is rising.

“The last decision to hold gave the Committee breathing space, and with that time now passed, it is clear they still see enough uncertainty to avoid moving too soon. A stable ‘wait and see’ approach always felt like the most likely outcome.

“For the mortgage market, Bank Rate of course is only part of the picture. Swap rates continue to drive many pricing decisions, and these have been far from stable.

“We have seen sharp movements which have made it hard for lenders to price products with confidence, although there has been some calm more recently, allowing some rates to edge down and products to return.

“That said, this stability may not last. The priority for advisers and borrowers is to secure suitable deals when they appear, particularly for those coming up to refinance, while keeping the option to move if pricing improves.”

Steve Cox, chief commercial office at Fleet Mortgages:

“Today’s decision to hold Bank Base Rate at 3.75% underlines just how difficult the current environment is for the MPC.

“In most cycles, it’s possible to get a fairly clear sense of the likely direction of travel ahead of the announcement, but this time it has been far less predictable.

“That reflects the complexity of the situation, particularly given the geopolitical risks we’ve seen emerge since March and the challenge of trying to future-proof policy against those uncertainties.

“With the announcement last week that inflation has risen to 3.3%, and expectations that it could move higher in the months ahead, it’s understandable the Bank has continued to wait and assess.

“In the buy-to-let market, we have seen some welcome stability return to product pricing in recent weeks, but it would be unwise to assume this will continue uninterrupted. Swap rates remain volatile and are highly sensitive to wider economic and political developments, which makes consistent pricing difficult for lenders.

“Advisers and landlord clients therefore need to remain alert to changes and be ready to act when opportunities arise, particularly in a market where conditions can shift quickly.”

Nick Leeming, chairman of Jackson-Stops:

“The Bank of England’s decision to hold interest rates provides a welcome sense of stability for the housing market, offering reassurance after a sustained period of elevated borrowing costs following the inflation shock.

“This is not a comfortable pause. The Bank continues to be pulled in two directions, with inflation proving sticky while growth and household demand show signs of softening. That balance is keeping policymakers cautious about signalling any imminent policy easing.

For the housing market, the implication is that borrowing conditions are likely to remain elevated for longer than many had anticipated earlier in the year. While mortgage pricing has already adjusted to a more stable rate environment, expectations for meaningful near-term relief in borrowing costs are likely to remain constrained.

That said, the market is continuing to adapt to these conditions rather than being constrained by them. Buyers remain active, albeit more selective and price-sensitive, with a clear focus on long-term value. At the same time, we are seeing an uptick in instructions in key commuter hubs and lifestyle markets, when property is priced accurately, it is selling. 

Looking ahead, the balance the Bank strikes between persistent inflation and moderating growth will determine the direction of travel for interest rates over the remainder of the year. Overall, while activity remains measured, underlying market resilience continues to provide a platform for stability and gradual confidence to build as conditions evolve.”

Sarah Pennells, consumer finance specialist at Royal London:

“The Bank of England’s decision to keep interest rates on hold at 3.75% reflects the uncertain global backdrop. While concerns around energy prices and the risk that inflation could stay higher for longer haven’t translated into further rate rises, they do mean rates are being held at current levels for longer than many borrowers might have hoped.

“That uncertainty has already fed through into the mortgage market. Although some lenders have cut selected rates in recent weeks, anyone coming to the end of a deal should get independent advice, as a broker can help navigate a fast‑changing market and identify options that aren’t always available directly from lenders.

“Even for the 38% of adults who own their home outright, today’s decision is likely to weigh on their confidence. With one in five adults telling us they’ve struggled to make their rent or mortgage payments over the past year, pushing interest rate cuts further into the future risks people becoming more cautious – whether that’s reining in spending, delaying big financial decisions, or prioritising building a financial buffer in case household costs rise again.

“While rates may still fall over time, today’s decision is a reminder that the path down is unlikely to be smooth, and expectations can change quickly.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman:

“Although it is likely interest rates will go up again before they start coming back down, the hold today is a nod to the inflationary pressures which are building due to the impact of war in the Middle East. Certainly the Bank did not want to do anything which would compromise what little growth we have seen in the economy recently, which would clearly prove to be self-defeating. 

“As far as the impact on the property market is concerned, the effects are likely to be fairly minimal although encouragingly we have noticed some mortgage costs starting to creep down again. This will certainly help to  improve confidence which remains at a relatively low ebb.”

Amy Reynolds, head of sales at Richmond estate agency Antony Roberts:

“While a hold from the Bank of England was expected, as ever it’s the tone and forward guidance in the minutes that is just as important.

“As far as the housing market is concerned, the underlying need to move remains strong and, for well-priced, high quality homes, demand continues to hold up. In terms of pricing, the closer the asking price is to true market value, the greater the likelihood of securing a successful sale. 

“Buyers are not stretching themselves to make offers they don’t believe will be accepted – particularly in this rate environment – they are simply choosing alternative properties. While the wider economic background may temper the pace of house price growth, we are seeing a more price-sensitive market where realism and accurate positioning are key.”

Alex Beavis, interim director of retail banking, LHV Bank:

“The Bank of England is kicking the can down the road, but households can’t afford to do the same. This base rate hold was expected by the markets, despite the backdrop of the continued uncertainty in the Middle East and the immediate impact it has had on inflation.

“While households are counting the cost already in terms of higher fuel costs, there will likely be a further knock-on impact in the months ahead as those raised energy costs feed into the price we pay for other items, such as food. Given the expected growth in inflation in the short term, at least one base rate rise this year looks inevitable.

“The fact that we are all looking at increased outgoings emphasises the need for people to make their money work harder. Now is the time to be proactive; no good can come from leaving cash languishing in a mediocre current account, given so many pay little if any interest, nor in savings accounts which fail to deliver inflation-beating returns. 

“Global events, and the approach of the Bank of England, are beyond our control. However, we can control where we keep our money. Acting now, even in small ways like switching accounts, can deliver tangible improvements to your financial health within a short period.”

Guy Gittins, CEO of Foxtons:

“Following the increase in inflation to 3.3% this month, a hold on the base rate provides a welcome degree of stability for the property market. It also gives buyers greater certainty around borrowing costs when making long-term financial decisions.

“The market isn’t moving at the same pace as 2025, due to the Q1 boost we experienced last year from the stamp duty holiday ending. When compared to 2024, we’re seeing a stable and improving landscape, with resilient buyer interest and viewing numbers at Foxtons up in April when compared to March 2026.”

Verona Frankish, CEO of Yopa:

“The property market hasn’t stalled, it’s simply found a more sustainable rhythm and today’s decision to hold the base rate will only help sustain this measured level of momentum moving forward.

“As the year progresses, we expect this steady level of activity to continue, with the prospect of rate reductions later in the year likely to provide a further boost to market confidence.”

Jonathan Samuels, CEO of Octane Capital:

“Today’s decision to hold the base rate was widely expected and reflects the Bank of England’s ongoing challenge in bringing inflation fully under control.

“Persistent pressures continue to limit the Bank’s room for manoeuvre and the question now is whether it can afford to be more bullish in signalling a path toward cuts.

“Caution remains the priority, but without clearer forward guidance, there’s a risk of prolonging subdued activity across interest rate-sensitive sectors such as the property market, where confidence hinges on both stability and visibility.”

Chris Hodgkinson, managing director of House Buyer Bureau:

“Another hold on interest rates is unlikely to do much to lift property market sentiment.

“The market is already treading with great caution against a backdrop of economic and geopolitical volatility and, while today’s decision provides a degree of certainty, it also prolongs the current sense of inertia.

“Buyers and sellers have been waiting for a clearer signal that borrowing costs are on the way down and, without it, many will continue to sit tight. As a result, this ongoing hold risks sowing further uncertainty into a market that’s already lacking confidence and it certainly won’t be enough to jump-start activity.”

Islay Robinson, CEO of Enness Global:

“Today’s decision has already been largely priced into international capital flows and is unlikely to move the dial in the short term.

“What continues to support appetite for UK real estate, particularly at the prime and super-prime level, is the relative value on offer when benchmarked against other global gateway cities, alongside the ongoing appeal of sterling-denominated assets.

“Where the Bank’s stance does matter is in shaping currency stability and broader market confidence, with a clear and measured approach helping to reinforce the UK’s position as a safe haven for international capital, even in a higher-for-longer rate environment.”

Nathan Emerson, CEO at Propertymark:
 
“Considering current tensions worldwide, it is reassuring to see base rates held steady. For those on the property ladder or thinking of approaching the buying and selling process, today’s news brings a sense of relief across the coming months.

“However being realistic in sentiment, we currently sit in the middle of a sensitive situation where many households haven’t yet fully recovered from issues connected to the cost of living.

“While it may genuinely feel the pressure is still on regarding affordability, it is hoped as tensions de-escalate globally, we will proceed to a more confident footing which offers more robust levels of household affordability for consumers within the long-term journey of purchasing a property.”

Melanie Spencer, growth director at Target Group:

“The central bank faces a real tug of war as it looks to control inflation and avoid further pressure on the real economy – all while navigating the implications of the Iran conflict. Against this complex backdrop, holding the base rate appears to be the most pragmatic course of action, mirroring the Fed’s decision yesterday.

“Ahead of today’s announcement, we have already seen a number of lenders reduce mortgage rates and bring products back to market – showing that there is some margin to work with and an appetite for competition. However, with markets still pricing in the possibility of further rate rises, uncertainty remains a key feature of the outlook, particularly as inflationary pressures continue to evolve.

“As lenders find the balance between meeting lending targets and shrewd pricing, operational agility becomes even more of a factor. Lenders that can respond quickly to shifting market dynamics, renewed competition and evolving borrower needs will be best placed to support intermediaries and their clients in the months ahead. Ultimately, success will hinge on efficient, scalable and tech-enabled operations – whether delivered in-house or outsourced to the right partners.”

Adam Ruddle, LV= chief investment officer:

“The Bank’s decision to hold interest rates at 3.75% comes as little surprise, and marks no change since the end of 2025. However, it is worth noting that prior to the escalation of the Iran conflict, the economic backdrop was increasingly pointing towards a rate cut.

“The near‑total disruption to the Strait of Hormuz has triggered a sudden and significant supply shock, keeping inflation concerns firmly in focus.

“Energy markets are already feeling the strain, with higher oil prices feeding directly into jet fuel costs, pushing up air travel and freight expenses. Knock‑on effects are then expected to spread into food, manufacturing and pharmaceuticals in the months ahead as shortages of fertilisers, helium, and other critical inputs take hold.

“The Bank’s decision today will be a blow for households already under pressure: LV’s latest research* shows 36% of people are worried about the rising cost of everyday items such as food and clothing, while a further 34% are concerned about higher energy bills. For many consumers, conditions are likely to worsen before any relief is felt.

“This also means borrowing costs remain higher for longer, offering little immediate relief on mortgages or other loans. With consumer confidence already fragile, holding rates risks reinforcing a more cautious mindset, encouraging people to delay major spending decisions and adding further drag to economic growth.

“This underlines the increasingly difficult balancing act that the Bank continues to face. Inflationary pressures point towards tighter policy, while a slowing economy argues for support through lower rates. For now, policymakers are firmly in ‘wait and see’ mode, waiting for clearer data to show which force will ultimately dominate before making their next move on interest rates.”

Colin Bell, founder and COO of Perenna:

“The market is already pricing in hikes further down the road, so while a hold might appear positive on the surface, the reality for homeowners is that mortgage rates could continue to creep upwards.

“This is ultimately a symptom of a wider problem. For many households, the stress doesn’t come from today’s decision alone, but from a complete lack of clarity around how much their monthly repayments will increase the next time they remortgage. This is also occurring alongside a resurgence in household inflation, increasing pressure on everyday living costs, an area where consumers have limited ability to shield themselves.

“Short-term fixes have a valuable and crucial role to play in a functioning mortgage ecosystem, but they cannot be the be all and end all. Plenty of families would massively benefit from a longer fix, protecting them from the impact of these decisions and allowing them to save and invest with confidence.”

Ryan McGrath, director of second charge mortgages at Pepper Money:

“Today’s decision to keep the base rate unchanged reflects the delicate balancing act the Bank of England is currently facing, as ongoing global volatility, rising inflation, and renewed energy pressures disrupt earlier hopes of rate cuts.  

“For homeowners, a continued hold prolongs this period of elevated borrowing costs. While stability is welcome, households are having to think very carefully about how they manage their finances. For those who need to raise additional capital, refinancing an entire property at today’s rates can often mean abandoning a highly competitive fixed deal, resulting in a significant step up in monthly payments.  

“As a result, we are seeing a sustained shift in how borrowers approach their financing. Second charge mortgages are increasingly viewed as the most practical way to access funds. They allow homeowners to unlock equity for essential purposes like renovations or debt consolidation without disturbing their existing, lower-rate mortgage. This ability to preserve a favourable primary rate is a key reason why second charge lending has become a mainstream funding option for borrowers.”  

John Phillips, CEO of Just Mortgages and Spicerhaart:

“The decision to hold rates today will come as a relief to many, particularly given the shadow of uncertainty that continues to hang over markets following recent geopolitical tensions. There had been concern that rising pressure on inflation and energy prices could force a more hawkish response from the Bank, so a hold should help steady some nerves for now.

“That said, it does little to remove the uncertainty around where rates go next. Markets are still trying to assess how prolonged global disruption could impact inflation and whether that risks slowing or even reversing the current direction of travel for rates. Borrowers are increasingly aware that expectations can shift very quickly and that is feeding into decision-making.

“Despite that backdrop, we are seeing good level of activity across our network. Clients are continuing to move forward with purchases, remortgages and protection conversations, but they are taking a more proactive approach and seeking advice earlier in the process. That is helping drive business and speed up decisions where clients want certainty before products change or affordability shifts further.

“It’s another reminder of the value brokers bring in uncertain conditions. Lender pricing and criteria move quickly in these moments and clients need support to understand their options and act when opportunities arise.”

Ben Thompson, director of home moving strategy, Mortgage Advice Bureau:

“The Bank of England holding the base rate brings a welcome sense of stability at a time of ongoing uncertainty. While it won’t lead to an immediate drop in mortgage rates, it does support continued competition among lenders and gives borrowers a clearer backdrop to plan against.

“For those remortgaging or moving home, it’s less about sudden change and more about greater certainty and the ability to plan ahead. The biggest opportunity, however, could be for aspiring buyers. Our research shows 47% of renters would buy immediately if mortgage payments matched their rent, and with rates stabilising, that gap is starting to narrow in some cases.

“Despite this, hesitation remains – with 41% still waiting for a ‘sign’ to act. This latest decision could help provide that nudge by removing a layer of uncertainty. Ultimately, the challenge now isn’t just affordability, but awareness. Many buyers are closer to homeownership than they think, and clear, expert advice will be key to helping them take that next step.”

Richard Pike, chief sales and marketing officer at Phoebus Software:

“A base rate hold was largely expected and already priced in by the mortgage markets, but it remains to be seen where rates will go next. We’ve seen some lenders reducing rates in the past couple of weeks, but if swap rates remain volatile then it could spell bad news for homeowners.  Household budgets are already stretched and for those coming to the end of a five-year deal, there could be an unpleasant payment shock.

“The Bank is caught in a difficult balancing act. On the one side, there are inflationary pressures fuelled by rising energy prices and rising business costs, while on the other, growth is weak and business confidence is fragile.

“The industry must prepare for continued volatility. The priority for lenders is ensuring they have agile systems and real‑time data capabilities to allow them to respond quickly to whatever the market delivers next.”

Charlie Evans, money expert at Compare the Market:

“Today’s decision by the Bank of England to hold interest rates suggests policymakers are continuing to take a cautious approach as they monitor inflation.

“For mortgage borrowers, it means little immediate change to repayments, but those nearing the end of fixed deals may still face higher costs and should consider reviewing their options early.

“Credit card and loan rates are also unlikely to shift significantly in the short term, so comparing deals remains important. For savers, a pause in rate movements could see providers ease back on improving offers, making it a good time to check whether their savings are earning a competitive return.”

Nick Henshaw, head of intermediaries distribution at Wesleyan:

“With rates on hold amid ongoing economic uncertainty, clients may be tempted to keep significant amounts in cash while they ‘wait and see’ how things develop. However, with energy costs elevated and inflation concerns persisting, staying too heavily weighted toward cash could mean missing opportunities for meaningful growth.

“This is where advisers add real value, helping clients understand the benefits that suitable equity exposure could offer, even when the outlook feels uncertain.

“Many clients might, understandably, be concerned about recent market volatility. Smoothed funds could be valuable as a tool to bridge the gap between worry and results. They allow advisers to help clients increase market exposure while managing the ups and downs of the market, helping ensure portfolios are positioned to deliver good outcomes in terms of both returns and emotional comfort.”

Frances Haque, chief economist at Santander UK:

“Given the ongoing uncertainty of the conflict in the middle east and its impact on the economy, it made complete sense that the MPC decided to hold rates today. From the data released last week, we can see the conflict is beginning to have an effect on inflation, which will inevitably be a concern for MPC members. But, with unemployment falling on one side, and more near-term data showing declining payrolls and wage growth slowing on the other, there’s still a mixed picture being painted in terms of the outlook.

“Despite a somewhat mixed backdrop, the UK housing market remains strong, with both applications and house prices holding steady according to recent HM Land Registry data. Rate cuts across the mortgage market have provided some light relief for borrowers, particularly for those coming off a fixed rate in the next three to six months.

“In terms of Bank Rate, what the MPC decide to do next is still very data dependent, but the cuts that markets had originally predicted for 2026 are looking rather unlikely compared to a couple of months ago.”

Mark Harris, chief executive of mortgage broker SPF Private Clients:

“Holding base rate once again was always thought to be the most likely outcome of today’s meeting of the MPC given the Middle East conflict and concerns as to what impact this might have on inflation. However, while eight members voted for a hold in base rate at 3.75 per cent, one member favoured a quarter-point increase to 4 per cent.  

“A steady approach, rather than a knee-jerk reaction to raising rates, is important for overall market stability and confidence, which is why we welcome today’s decision.

“The good news for borrowers is that irrespective of today’s vote, some of the bigger lenders are trimming their mortgage rates in light of falling Swap rates, which underpin the pricing of fixed-rate mortgages, and a return to service standards being met. Barclays, HSBC and NatWest, among others, are all reducing their mortgage rates this week. With base-rate trackers falling below 4 per cent, those who don’t need the certainty of a fixed-rate mortgage are increasingly considering other options.

“With so much global uncertainty, borrowers coming up to take out a new mortgage or refinance would be wise to secure a rate sooner rather than later. Most lenders will let you reserve rates up to six months before required and if, by the time you come to take out your mortgage, rates have fallen, you should be able to switch onto a cheaper deal at that time. However, if rates have risen in the meantime, you will be glad you took action when you did.”

Harriet Guevara, chief savings officer at Nottingham Building Society:

“While today’s decision to hold the base rate at 3.75% was widely expected, the bigger story is how much the outlook has shifted. Just a few months ago, markets were pricing in further cuts. Now, with the conflict in the Middle East driving energy prices higher and inflation expectations rising, markets are pricing that rates are more likely to go up than down, potentially reaching 4.25% by the end of the year.

“On the mortgage side, the prospect of rate rises rather than cuts makes this an important time for borrowers to take stock. Anyone coming to the end of a fixed deal in the next six to twelve months should speak to a qualified mortgage broker who can assess their options and help them make the right decision for their circumstances. The market is moving, and professional advice is the best way to make sure you’re not caught out.

“Whatever happens with the base rate over the coming months, the people who tend to come out ahead – whether saving or borrowing – are the ones who act while conditions are in their favour, not the ones who wait and hope.”

Rob Clifford, chief executive of Stonebridge:

“The decision over whether to raise rates was finely balanced, so it will come as welcome news for borrowers across the UK. 

“However, expectations around how many rate changes we might see this year have shifted a number of times, ranging from as many as three down to a single hike in recent weeks. This means that around one million borrowers with fixed term products ending over the remainder of this year will need to think hard about how any further increases in borrowing costs might affect them. 

“A good mortgage adviser will look closely at the individual circumstances of every borrower at a time like this, and help them to work out whether they could be better off paying an early repayment charge to remortgage ahead of their current product end date. It won’t be right for everyone, but this way they’d lock in new rates as they stand rather than risk waiting until they’re free of an ERC. 

“Thanks to a wave of deals that went through with very low rates during the pandemic, 1.8 million fixed rate deals had been due to naturally expire in 2026, so there will be a lot of consumers in this boat. This is an important consideration for those remortgaging and, remember, there’s no guarantee that rates will rise further. It’s a very fluid situation and some homeowners in a strong financial position may opt to ride it out on an SVR or tracker if they think the rate volatility will be short-lived.”

Joe Pepper, CEO, PEXA UK:

“Against a climate of economic and geopolitical uncertainty, the MPC has rightly opted for a cautious, wait-and-see approach as it assesses the full impact on the UK economy.

“For the property market, a prolonged period of rate stability at this level means continued affordability pressures for buyers and uncertainty for those looking to move. Transaction volumes, while showing signs of recovery, remain sensitive to the interest rate environment, and conveyancers will continue to manage unpredictable workloads as buyer confidence ebbs and flows with each Bank of England announcement.

“What moments like this make clear is that the conveyancing sector’s resilience cannot rely solely on favourable economic conditions. Accelerating the digital transformation of the conveyancing process, reducing reliance on manual, paper-based workflows and embracing modern, integrated platforms, is the most sustainable way to ensure the sector can absorb volatility and continue to deliver for clients, whatever the economic backdrop.”

Martin Sims, distribution director at Molo Finance:

“The decision to hold rates feels in line with what most in the market were expecting. Recent inflation data has moved higher again, but not in a way that gives the Bank a clear direction, and with wider economic pressures still in play, a steady approach certainly makes sense.

“For brokers and landlords, the bigger point is that uncertainty remains. We have seen a lot of movement in pricing across the market in recent months, and that can make it difficult to plan with any real certainty, particularly during what is already a busy refinancing cycle. Even without a rate move, there is still plenty for borrowers to think through.

“In this environment, flexibility is important. Tracker products are starting to play a bigger role for some borrowers who are not quite ready to commit to fixed rates, and having those routes available is key while the market continues to settle. It’s about giving brokers a range of solutions rather than a single answer.”

Emma Hollingworth, chief distribution officer at LSL Financial Services:

“The Monetary Policy Committee’s decision to hold interest rates today suggests the Bank of England is keen to see how the situation in the Middle East unfolds before deciding on its next move.

“The most prominent threat to the UK economy is the prospect of higher inflation from pressure on energy prices. Even if this does not become a full-blown inflation crisis, the conflict is already affecting the UK mortgage market.

“Swap rates – the key driver of fixed-rate mortgage pricing – have surged in recent weeks, prompting lenders to reprice or withdraw products almost daily. That has left just a handful of sub-4% deals, a blow to the estimated 1.8 million borrowers reaching the end of fixed-rate mortgages this year.

“With the outlook highly uncertain, brokers will be crucial in guiding borrowers. Proactively contacting clients coming to the end of their deals allows them to understand pricing and product availability, make informed decisions, and be better positioned to navigate any further market volatility.”

Neil Rudge, chief banking officer at Shawbrook: 

“The Bank of England has chosen to hold rates this month, resisting pressure to act on rising energy costs linked to ongoing geopolitical tensions. This will be a welcome decision for UK businesses, many of which are already dealing with higher costs and continued supply chain disruption.

“Whilst there is still uncertainty around how these pressures will evolve, business activity doesn’t stand still. Leaders need to stay agile and make decisions in a constantly shifting environment. In this context, the role of lending partners becomes even more important, with access to external funding often making the difference between simply managing and being able to pursue growth.”