The British Retail Consortium (BRC) has accused the Bank of England of failing retailers and customers after it said today it would leave interest rates unchanged.
BRC director general Kevin Hawkins said: “It’s disappointing that the Bank has failed to deliver the shot in the arm customers and retailers desperately need.
“With evidence mounting that a serious recession is looming in the US and consumer confidence and disposable incomes slipping here, the MPC should have taken pre-emptive action to avoid more serious knock-on effects to the UK economy.
“As non-food prices continue to fall, there is little inflationary pressure coming from the high street. Food prices are rising but as a result of increased global commodity prices driven by a combination of supply shortages and strong demand.
“Keeping UK interest rates unnecessarily high will do nothing to curb food inflation but will put further pressure on consumers at this crucial time of year.”
