Small firms do not want the Bank of England to make any further cuts to the interest rate, according to a survey of over 4,000 small businesses by the Federation of Small Businesses (FSB).

The poll revealed that 63% of small companies want the Bank of England to keep rates at 1.5%, and only a quarter think that the rate should be cut.

"Small businesses are clearly worried that this monetary policy has been used extensively over the last few months yet they are still struggling to access cheaper finance," said John Wright, chairman of the FSB.

"The concern now is that if rates are cut any further there may not be too much more room for manoeuvre in the economy. The onus is really on the banks to start promoting these lower rates to fire up the economy."