The Bank of England's decision to cut interest rates today (Thursday) is an understandable move said the British Retail Consortium (BRC), but cannot be the only route to reviving the economy.
Jane Milne, BRC's Business Director, said: “Interest rate cuts are not the only tool to fix the recession. The key issue now is not the cost of credit - but its availability. The BRC's Shop Price Index shows the weakening pound is feeding through to the cost of imports and some shop prices.
“The Bank of England faces a fine balancing act between further weakening sterling and attempting to revive the economy. What we need now is better access to credit and a boost to consumer confidence.”
British Retail Consortium(BRC)
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