Small businesses in the UK are facing immense challenges due to rising interest rates and increasing debt burdens.
These challenges include inflation, Brexit, and a stressed economy, leading to a surge in business insolvencies.
The Bank of England's sharp interest rate increase from zero to 5.25% has made it even harder for SMEs to manage their debt.
To support small businesses, policymakers need to consider innovative solutions, such as streamlined insolvency laws and debt relief programs.
