Retailers have called for a cut in interest rates “sooner rather than later” after the Bank of England today decided to leave rates unchanged at 5.25%.
The British Retail Consortium(BRC) said the bank’s decision was understandable given its fears over inflation, but said the need for a rate cut was now all the more important.
BRC director general Stephen Robertson said: “We appreciate that the Bank of England felt its hands were tied this month given its fears over inflation and so left rates on hold.
“But each new indicator confirms the economy is slowing. As interest rate cuts take several months to take effect, the Bank needs to take action sooner rather than later to ensure that the slowdown doesn’t risk turning into something more serious.”
