Small firms will ‘bear brunt of recession’ The London Chamber of Commerce and Industry (LCCI) has warned of the impact a prolonged recession could have on small firms, including motorsport firms. With the Bank of England lifting interest rates to a 14-year high of 3% and forecasting that the economy will be in a recession until mid-2024, LCCI chief executive Richard Burge said small businesses including motorsport firms “will feel this rise acutely” before urging the Government to “relieve some of the mounting pressure on these SMEs.” He warned: “With the cost of doing business at an all-time high and still climbing, the Bank of England’s biggest interest rates rise in over 30 years will only serve to heighten business’s economic concerns and make financing investment more expensive.”