Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

UK interest rates kept on hold at 5.75%

The British Retail Consortium has condemned the Bank of England Monetary Policy Committee's decision to keep interest rates on hold at 5.75% for October.
The BRC was amongst industry lobby groups calling for a cut in interest rates this month.
Director general Kevin Hawkins said: “Hard pressed consumers needed to see a cut in interest rates today. There is clear evidence that disposable incomes are getting squeezed by higher living costs. The credit crunch and the possibility of higher mortgage repayments is making consumers increasingly wary. As a result confidence is slipping.

“There is no doubt that the inflationary threat is receding. For two successive months the Consumer Price Index (CPI) has been below the Bank’s 2% target and that is before the full impact of previous rate increases has had time to fully work through the system.

“There is only one way for rates to go when the Monetary Policy Commitee (MPC) meets again in a month’s time and that is down. Consumers and retailers desperately need the relief.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.