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FINANCE


Bank of England puts interest rates on hold


The Bank of England recently announced its intention to hold interest rates at 0.5%. Simon Browning, partner in


they are not aware of it, or they have heard of it but are put off by the processes involved, according to Jo Derbyshire (pictured), CEO of Loughborough- based innovation company Cresco. She said: “It’s been


around for several years now, but never really taken off. A lot of our clients at Cresco will be eligible, as indeed will a lot of other companies. I think there’s a degree of ignorance about it, and even a fear of the unknown, because it’s seen as quite a complex process, whereas it isn’t. “I’ve heard it said that small


companies with a successful, patented product could quickly


become the large companies of tomorrow, and it is recommended they start putting effective record-keeping processes in place now to ensure they can make Patent Box claims more easily once they are profitable. “So I thought our


clients at Cresco, and many other businesses in


the East Midlands, deserve to know more about the Patent Box, whether they’ve heard of it or not, because there could be significant savings to be made.” Generally, Patent Box is a


scheme for companies that are making money, or are very confident about making money, because it’s a tax reduction.


charge of the Nottingham office of accountancy group UHY Hacker Young, said: “On the surface this decision by the Bank of England to hold interest rates at 0.5% will be welcomed by local households, meaning mortgages will continue to maintain low rates – and will be a saving grace for the person-on- the-street, at least for the time being. “Although this temporary decision


will be welcomed in the short-term, it is clear a rate rise is inevitable and will likely take place towards the tail-end of this year. “When we consider the bigger


picture at play, this decision to halt an increase is actually quite worrying as it shows that our economy is growing very slowly, much slower than the Bank of England’s predications, with our economy only growing 0.1% during the first three months of this year. “Although the recent bad


weather has been cited as a reason for this stunted growth, it is


Simon Browning


‘This decision to halt an increase is actually quite worrying as it shows that our economy is growing very slowly’


concerning to think our economic and political landscapes are plateauing and could continue to prevent growth and positive developments in the UK.”


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business network June 2018 65


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