Hadrian’s Wall Capital, who conducted the research, said that SMEs will be hit hard by a rate rise because of a lack of fixed-lending available to them, with only 16 percent of the £24 billion loaned to them currently on a fixed rate.

Consumers could also be hit by an interest rate increase. In a separate survey by ING more than a quarter of British people said that they would struggle if interest rates increase.

As a business owner, you will encounter many roadblocks on your path to success. Whether it’s high business rates, interest rates or just very bad weather. Whatever the conditions are it is always important that you prepare for the very worst eventuality. Small businesses can offset any rises in interest rates by preparing their cash flow.

Here at the Credit Protection Association, we aid many of our members who are struggling to jump over the obstacles that the economy has laid out for them. Our debt recovery services chase down late payers, slow payers and non-payers and get our members back what they are owed. Any bad debt is recovered and any late payers pay up or lawyer up. Our credit management products provide our members with a scrutinising eye over their customer’s financials, with our credit reports and monitoring tools exposing their customers standing throughout the whole business relationship.