CBI chief calls for interest rate cut
The head of the CBI has called for a cut in interest rates on Thursday to maintain growth and consumer confidence.
Sir Digby Jones said tough conditions on the high street were set to continue and urged the Bank of England’s monetary policy committee to take action.
He cited retail figures suggesting sales were down for 47 per cent of retailers, compared with just 29 per cent who said they were up.
The underlying sales trend was down to minus 15 per cent, the lowest figure recorded since the survey began 22 years ago.
“When considered alongside the weakness of order books in the manufacturing sector and the depressed state of the housing market, a marked slowdown in the economy is clear to see, as the ONS has acknowledged,” Sir Digby said.
