Small motorsport firms hit by rate rises The Sunday Times’ Jill Treanor looks at the impact increasing interest rates are having on small firms. Craig Beaumont, head of external affairs at the Federation of Small Businesses, notes that while higher interest rates “are supposed to be painful and take money out of an overheating economy,” they are coming at a time when firms are already struggling. Many small motorsport firms are being hit especialy hard by rising interest rates.