Retailers lobby for interest rate cut
| Date Added: Thu September 20 2007 |
The Bank of England has been urged to cut interest rates after a lacklustre August.
The British Retail Consortium (BRC) commented that retail sales rose by 1.8% in August, however, these figures were down substantially from the 2.5% growth noted in 2006.
BRC director general Kevin Hawkins called on the Bank to help encourage shoppers back to the high street. The Bank’s decision on interest rates will be announced on Thursday amidst fears of a global credit crunch.
The Bank of England’s Monetary Policy Committee (MPC) will opt to hold borrowing costs at 5.75% for the second successive month.
The Bank is charged with keeping Consumer Prices Index (CPI) inflation at 2% but this has fallen to below target to 1.9%, the first time it has reached this low for a year. |
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