Small Businesses to Be Hit Hard by Recession, Says Former Budget Officer
An economic slowdown is “likely inevitable” and small businesses will be impacted significantly, a former parliamentary budget officer told the Senate banking committee on Dec. 1.
“It’s going to hurt small businesses significantly because with higher interest rates, people are not going to want to use credit,” said former budget officer Kevin Page, according to Blacklock’s Reporter.
“You can’t raise interest rates three-and-a-half percentage points this year, very dramatically, really a monetary policy shock, perhaps even another increase next year, and say it’s not going to have an impact,” said Page. “It is going to change financial conditions dramatically. It’s been very fast.”…