BRC wants rate cut sooner rather than later

The British Retail Consortium (BRC) believes the Bank of England’s decision to leave interest rates unchanged was understandable given fears over inflation - but a rate cut is now all the more important.

BRC director general Stephen Roberston said: “We appreciate that the Bank of England felt its hands were tied this month given its fears over inflation, and so left rates on hold. But each new indicator confirms the economy is slowing. As interest rate cuts take several months to take effect, the bank needs to take action sooner rather than later to ensure that the slowdown doesn’t risk turning into something more serious.”