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Bira cautiously welcomes new crime and policing bill to tackle retail crime across high street businesses

26 Feb 2025

ACT parent company Bira has cautiously welcomed Labour's Crime and Policing Bill but is calling for urgent action and immediate funding to address the surge in retail crime affecting independent... Read more…

Bira warns of 'troubled times ahead' despite interest rate cut

7 Feb 2025

ACT parent company Bira has warned that retailers across Britain face troubled times ahead despite today's Bank of England interest rate cut to 4.5%, as the Bank halves its growth forecast for... Read more…

Free webinar exclusive to ACT members on employment law compliance

4 Feb 2025

The ACT and legal partner WorkNest are hosting an exclusive webinar on how to remain compliant with employment law while making necessary business changes.
Read more…

ACT parent company Bira urges Government action as December sales disappoint

23 Jan 2025

ACT parent company Bira is calling for urgent government intervention following disappointing December retail figures, which show sales volumes fell by 0.3% following a modest 0.1% rise in... Read more…

ACT announces new partnership with legal specialists WorkNest

17 Jan 2025

The ACT has teamed up with employment law, HR, and health and safety experts WorkNest as the association's new legal partner.
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Bira comments after BRC release Sensormatic IQ Footfall Monitor Report for December

9 Jan 2025

ACT parent company Bira has warned that disappointing footfall figures for December show mounting pressures on independent retailers, with concerning implications for 2025 as business costs... Read more…

2024 year in review: A message from ACT Director Jonathan Harrison

18 Dec 2024

Director of the ACT Jonathan Harrison has praised the "resilience and adaptability" of the ACT and its members in an end of year message.
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Practical steps to prevent credit card and payment fraud as an independent cycling retailer

4 Dec 2024

As credit card fraud becomes increasingly sophisticated, taking these steps could help you stay ahead of the fraudsters…
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Scottish retailers call for urgent business rates support as gap widens with rest of UK

29 Nov 2024

Scottish independent retailers, including those in the cycling sector, are urging the Scottish Government to provide crucial business rates relief in its upcoming budget, as the disparity in... Read more…

Bira and ACT welcome new House of Lords report on high street regeneration

28 Nov 2024

Independent retailers back call for local leadership and simplified funding.
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Bira welcomes recent Bank of England interest rate cut

Posted on in Business News

The British Independent Retailers Association (Bira) has welcomed the Bank of England’s recent decision to cut interest rates from 5.25% to 5%.

Andrew Goodacre

Bira, which works with over 6,000 independent businesses of all sizes across the UK has said this move is a positive step for the retail sector and the wider economy.

Andrew Goodacre, CEO of Bira, said: “We have been calling for a cut in interest rates for many months and so we are delighted that the Bank of England has finally decided to listen.

“Interest rates climbed too high too quickly, and whilst we can see that not all inflationary pressures have eased, the cut is needed to bolster consumer confidence, which in turn should boost consumer spending.”

Talking about the reduction, the first since March 2020, Goodacre added: “The cut will be seen as an important staging post as the economy starts to turn the corner on years of inflationary shocks. Businesses can start to anticipate cheaper borrowing and investment funding.”

The decision comes after the Bank of England’s rate-setting committee voted by a majority of five to four to reduce the rate. This base rate is closely followed as it heavily influences the rates set by High Street banks and money lenders.

Bira believes this rate cut will provide much-needed relief to independent retailers and consumers alike, potentially stimulating spending and investment in the retail sector.

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