The Bank of England’s decision to cut interest rates from 5.25% to 5% has been welcomed by the British Independent Retailers Association (Bira).
The Association believes the rate cut will provide much-needed relief to independent retailers and consumers alike, potentially stimulating spending and investment in the retail sector.
“We have been calling for a cut in interest rates for many months,” commented Bira’s ceo Andrew Goodacre. “Interest rates climbed too high too quickly, and while we can see that not all inflationary pressures have eased, the cut is needed to bolster consumer confidence, which in turn should boost consumer spending.”
He added: “The cut will be seen as an important staging post as the economy starts to turn the corner on years of inflationary shocks. Businesses can start to anticipate cheaper borrowing and investment funding.”
Visit www.bira.co.uk
Top: Yesterday’s interest cut will help to boost consumer spending.
