Interest rate rise‘would of only done harm’, says BRC | Industry News | TalkingRetail.com

The Bank of England’s decision to leave interest rates unchanged is a wise one, according to the British Retail Consortium (BRC).

Director general of the BRC, Stephen Robertson, said:“Continuing the freeze on interest rates is a wise move. At a time when consumer confidence is weak and the housing market is slow, raising rates could only have done harm.

“Inflationary pressures are down to the VAT rise, soaring global commodity costs and high energy prices, which an interest rate rise would do little to combat.  The economy still needs all the support it can get.

“Retail is the UK’s biggest private sector employer. Keeping interest rates down encourages investment and helps create jobs.”

Source: British Retail Consortium (BRC)

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