Rate-setters at the Bank make changes to interest rates to fulfil their role of keeping price rises at a steady level.

Higher rates are meant to encourage people to spend less, reducing demand for goods and services and limiting price rises.

This impacts businesses in two ways - less money to spend among their customers may mean they sell less, but also the cost of borrowing to invest as a company goes up.

Many businesses, particularly small ones, have variable rate loans which are influenced by the Bank rate.

Firms say higher rates limit their ability to offer new jobs and wage rises.

Mitchell Barnes, founder and chief executive of Ryse 3D, which manufactures 3D parts for the defence and automotive sectors, said the "reality" of rising interest rates was to look at the cost of employees and people.

That could include greater use of robots rather than workers.

"It's going to cause issues with, I suppose, employment across all sectors for people," he said.

"You're going to see reduced employment, more automation, more robotics being put into facilities, just in order to increase efficiency and make that money go further."