The British Retail Consortium (BRC) has welcomed the news that the Bank of England has cut the base rate of interest by half a percentage point.
Director general Stephen Robertson – speaking after food inflation figures were released – called the move a “bold” one and suggested that it is a positive one for both retailers and consumers.
And because it usually takes some time for the benefits of a lowering of rate to trickle through, the BRC said, more cuts could follow.
“This should only be the start of a series of reviving rate reductions,” he said.
Confederation of British Industry deputy director general John Cridland added that this was an “essential” rate cut.
The Bank’s Monetary Policy Committee today made an emergency cut in the base rate, from 5% to 4.5%, as other central banks across the world did the same.
