Governor, Bank of England
The governor of the Bank of England, Mervyn King, dropped the interest rate to a record low this year and has kept it there since March. It now stands at an all-time low of 0.5% after King started slashing rates in an effort to kick-start the economy and stimulate consumer spending across the UK.
The measures have given shoppers with tracker mortgage rates more cash and led to increases in disposable income levels. Yes, many consumers are saving their cash rather than parting with it on clothes, but without King’s swift action, this year could have been much worse for the fashion sector.
In November, King stated that the UK economy had “only just started” along the road to recovery after raising the Bank of England’s forecasts for growth and inflation.