The Bank of England's Monetary Policy Committee (MPC) is holding interest rates steady at 5%.

The decision had been expected, but many business groups had hoped that the MPC would cut rates by a further 0.25%. The British Chamber of Commerce (BCC) admitted their disappointment:

Nearly a third of small businesses are unaware that Regional Development Agencies (RDAs) can provide them with financial support for innovation, according to research by the British Chamber of Commerce (BCC).

RDAs have a budget of £2.2 billion to invest in “encouraging innovation” and “supporting enterprise" in small companies, yet the report found that one in three did not realise there was regional support available.

Over a third of businesses consider high taxes to be the most significant issue affecting small companies today, according to research by Populus for the British Chamber of Commerce (BCC).

34% of respondents to the survey felt that taxation was their biggest concern, yet 85% believed that politicians did not have a good understanding of business.