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Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
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Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

New awards launch to champion Britain's independent high street heroes

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring... Read more…

"Tectonic shift" in employment law threatens independent retailer viability, warns Bira podcast

6 Jun 2025

Independent retailers are facing a "generational" transformation of employment law that could fundamentally change how small businesses operate, according to the final episode of Bira's first... Read more…

Retailers hope warm weather and bank holidays will boost high street sales

16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
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Economic growth surges to 0.7%, but "April reality check" looms for high street retailers

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.
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Communities come together for Local Bike Shop Day 2025 celebrations

13 May 2025

Local Bike Shop Day 2025 brought a wave of... Read more…

ACT parent company Bira welcomes Bank of England's latest interest rate cut

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling... Read more…

ACT parent company Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow... Read more…

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Independent Retailers Association says steady inflation at 2.2% provides stability, but calls for interest rate reductio

Posted on in Business News

The British Independent Retailers Association (Bira) has said the inflation rate holding steady at 2.2% in August provides some stability for the high street - but stresses the Bank of England needs to now reduce interest rates to boost consumer spending.

Bira press release

Bira, which works with over 6,000 independent businesses of all sizes across the UK, has reacted to the news that the UK inflation rate for August has remained unchanged from July, sitting just above the Bank of England's target of 2%. This marks a significant improvement from the peak of the cost of living crisis in 2022.

The steady rate for August comes despite a jump in air fares, offset by lower fuel prices and a slowdown in restaurant price increases. However, private rents across the UK increased by 8.4% in the year to August, potentially putting additional pressure on consumers' disposable income.

Andrew Goodacre, CEO of Bira said: "We're pleased to see inflation has remained static, although consumer spending on the high street for non-essential items remains depressed. With inflation not rising, we hope the Bank of England will reduce interest rates to boost consumer confidence.

"Reducing interest rates is crucial to fully restoring consumer confidence and bringing people back to the high streets. We are approaching the golden quarter for retail, and we need to see consumer confidence and spend improve," he added.

The Bank of England is expected to keep interest rates unchanged at 5% when it meets on Thursday.

Bira continues to advocate for measures to support high street businesses, particularly as they approach the crucial pre-Christmas trading period.

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