CBI demands interest rate cute

News - Industry word and mouth, UK

Demands have been made by the British Retail Consortium to urgently cut interest rates. Sir Digby JOnes head of CBI employers' group has echoed the BRC's argument that the time for action is now.

Sir Digby's call came in the wake of shocking figures from the trades survey that sales have slumped to their lowest level since its survey began in 1983.

Some 42 per cent of retailers polled in the CBI's June survey said their sales had fallen compared to last year with 23 per cent reporting turnover has improved. The gap of minus 19 per cent translates into the industry's worst performance for 22 years.

The Bank of England's monetary policy committee which sets interest rates is due to meet very soon.