Today's decision by the Bank of England to leave interest rates unchanged heaps more pressure on businesses and consumers' finances, says the British Retail Consortium (BRC).
Bank of England
The trade body had been calling for a further cut, but the rate was pegged at 5%.
BRC director general Stephen Robertson said: “As last week’s election results showed the strain on personal finances is one of people's key concerns.
“I understand the Bank has the difficult balancing act of keeping inflation under control while sustaining the economy but financial indicators overwhelmingly point to a gloomy outlook. There's little sign yet of the rate cuts since December having much effect.
“With interest rate changes often taking a year to work through, the sooner the Bank cuts again, the sooner and greater the relief for hard-pressed consumers and retailers.”
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