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Interest rates held at 5.25%

The British Retail Consortium has slammed The Bank of England’s decision to hold interest rates at 5.25%.

The BRC said the need for a rate cut was all the more important because retailers are struggling following a drop in consumer spending.

BRC director-general Stephen Robertson 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.

"Because interest rate cuts take several months to take effect, the Bank needs to take action sooner rather than later to ensure that the slowdown does not risk turning into something more serious.”

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