MPC starts meeting under a cloud - papers 6 July

The Daily Telegraph says the British Retail Consortium’s calls for rate cuts to head off recession on the high street have been joined by the CBI. With fears of consumer confidence taking a knock if the housing market slows further, the time to cut rates is now, according to CBI director general Digby Jones. The FT says Jones bases his argument on figures showing year-on-year retail sales have declined at their fastest pace for two decades. The FT points out Jones’ comments are the first time in about two years the CBI has pushed for rates cuts, reflecting wider corporate concern o...