BRC calls for interest rate cut to boost sales

03 October, 2007

The British Retail Consortium is calling for interest rates to be cut to boost sales on the high street.

The retail support group is hoping the Monetary Policy Committee will announce an interest rate cut tomorrow which it says would help increase consumer spending.

BRC director general Kevin Hawkins said: “Five interest rate increases in 12 months have taken their toll on consumer confidence, making life on the high street difficult. It is clear the time has now come for the MPC to reassess its priorities.”

Hawkins said consumers had less disposable income as a result of rising utility costs and slow earnings growth.

“An overdue rate cut would give them and retailers much needed breathing space,” he said.

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