17 March 2022
The British Independent Retailers Association (Bira) has expressed concern about the latest news from the Bank of England which has raised interest rates to 0.75%
The increase from 0.5% is to try to cool inflation, with prices rising at the fastest rate in around 30 years.
In response to this news, Bira's CEO Andrew Goodacre said: "Interest rates were increased by the Bank of England today, rising from 0.5% to 0.75%. The rise is put down to inflationary pressures and strong employment figures.
“This increase was inevitable as we try to manage inflation. However, we are concerned that the Bank of England is underestimating the levels of inflation that we may well see in the UK, and for a sustained period.
"Furthermore, the increase in borrowing will further increase in the cost of doing business and damaging to many smaller retailers who borrowed significant amounts of money during the pandemic.
"We are genuinely concerned by the impact of rising business costs on indie retailers and we are calling on the Chancellor to use his Spring statement to reduce the growing financial burden being placed on small businesses, starting with the reversal of the proposed rates increase this year."
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