{$inpagemarkup}

Search News

Results: 11-20 of 699


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

19 Sep 2024

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... Read more…

Reducing the Carbon Footprint of Cash Processing – A Guide for Businesses

17 Sep 2024

UK Finance and others who form the Cash Industry Environment Charter have been discussing best practices when it comes to cash deposits, and as a result have produced a short guide on reducing... Read more…

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.
Read more…

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:
Read more…

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
Read more…

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…

Back to news menu

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.

Back to news menu

Useful links

If you have any other queries please contact us.