8 July 2005
The British Retail Consortium (BRC) has called on the Monetary Policy Committee (MPC) to cut interest rates, in a move that could help facilitate cheaper loans.
Alluding to yesterday's decision to keep the interest rate on hold for another month, the organisation urged the bank to consider the mounting pressure for a cut in the base rate.
Kevin Hawkins, BRC director general, described the disappointment amongst retailers that the rate had not been cut - with both individuals and companies looking for reduced rates of borrowing and an increase in available credit.
He said: "We are obviously disappointed that the Monetary Policy Committee has not reduced interest rates today, especially in the face of so much evidence from across the economy that a reduction is now urgently needed."
He argued that the freeze simply meant "another month to no purpose", with the pressure rising for a rate cut.
The interest rate has been on hold since August 2004.
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