Small firms call for credit card fees 'cap'

Date: 31st December 2008

British small businesses have demanded that the government implement a cap on credit card interest rates.

The call for action comes from the Federation of Small Businesses (FSB), which believes that such a regulation could stimulate increased economic activity.

According to research by the federation, almost a quarter of British entrepreneurs use a credit card for business transactions.

John Wright, national chairman of the FSB, commented: "Small businesses can and will play a pivotal role in driving the UK economy out of recession and onto the motorway of recovery."

He added that this depended on the support of both the government and banks, and a ceiling on credit card charges would "at a stroke" cut business costs.

Small businesses should also keep in mind the deadline for self-assessment tax returns, which falls on January 31st, with all submissions now having to be made online.