The Confederation of British industry (CBI) has increased the pressure on the Bank of England's monetary policy committee to lower interest rates when it meets on Thursday.
The CBI’s latest retail sales figures reveal 47% of retailers saw their sales volumes drop last month adding retailers have not seen an increase in annual sales since the end of 2004. It blames continuing anxiety over the housing market, interest rates and tax increases for the continuing slump in the retail sector and says the underling sales trend was down to minus 15% the lowest figure recorded in the CBI survey’s history. Orders in July continued to fall at the fastest rate since July 1999 and are expected to fall again in August, the CBI says. Sir Digby Jones, director of the CBI,...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes