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Local crafters band together to sell handmade goods in new shop

17 Sep 2024

A group of crafters have banded together to open a new store in Wickham, Hampshire selling their own handmade goods.
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New data - pharmacies, pubs and banks made up half of the closures on Britain's High Streets in the first six months of 2024.

17 Sep 2024

New data has revealed that a total of 6,945 stores have closed so far in 2024 - the equivalent of 38 shops per day, although if you balance this with new store openings, there's only a net... Read more…

Town becomes hotspot for Taylor Swift fans with themed cafe and shop.

17 Sep 2024

Nestled in the Anglesey community of Beaumaris, a shop and café have built their business around all things Taylor Swift, and fans seem to love it. The Mock Turtle in Beaumaris,... Read more…

Investment in convenience sector hits record high of £1bn

17 Sep 2024

Over the last year, convenience retailers have spent a combined £1bn (up from £646m in the previous 12 months) refitting their stores, installing new energy efficient refrigeration... Read more…

Bira responds cautiously to encouraging trends in KPMG Retail Sales Monitor report.

3 Sep 2024

The British Independent Retailers Association (Bira) has responded to the BRC-KPMG Retail Sales Monitor for August 2024. The report, which can be downloaded here, has highlighted:
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Pet Shop owner nominated for award for food bank donations

2 Sep 2024

Rebecca Harrington, owner of Purdy's pet shop in Coventry, has been nominated in the animal category at BBC CWR's Make a Difference awards for providing pet food parcels to food banks
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Standardised witness statement developed for retailers submitting CCTV evidence to the polic

2 Sep 2024

The National Business Crime Centre (NBCC), in collaboration with the Crown Prosecution Service (CPS) and police forces, has developed a standardised witness statement for retailers submitting... Read more…

Sheffield’s new independent retail hub opens to the public

2 Sep 2024

A redeveloped Grade II* Listed hub in Sheffield has opened its doors to the public for the first time, providing a contemporary city centre hub for some of the city’s finest... Read more…

Government urged to protect independent retailers as part of living wage increases

2 Sep 2024

The national president of the Federation of Independent Retailers has written to the new secretary of state for business and trade, Jonathan Reynolds, to highlight the impact of higher wages on... Read more…

Barbers to test blood pressure to fight inequality

2 Sep 2024

Two barber shops in south London are offering customers free blood pressure tests to tackle undiagnosed health issues amongst black and Asian men.
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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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