Commercial interest rates by default
When a tenant is late in the payment of its rents, some landlords will not go to the trouble of calculating and charging interest while the base rate is so low, as many consider it not worthwhile pursuing interest at three to four per cent above base rate, which is the standard default rate of interest in most commercial leases.
Statutory interest, which can be charged on business-to-business transactions, is currently eight per cent plus the Bank of England base rate, enabling interest on commercial payments to be charged at a rate of 8.5 per cent…
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