The British Retail Consortium (BRC) has welcomed today’s decision by the Bank of England to leave interest rates unchanged at 5%.
BRC director general Stephen Robertson said: “Struggling customers and retailers certainly need a boost but, with rising oil and commodity prices stoking inflation to well above the 2% target, leaving rates unchanged was the wise option.
“Though inflation is being driven by global price rises which will not be affected by keeping UK interest rates high, the Bank could not risk further fuelling inflation by stimulating domestic demand at this stage.
“But the Bank must not close the door on more reviving rate cuts as soon as conditions allow.”
