Commenting on stagnant interest rates in the UK, Owen Bassett, insolvency and retail expert at Atradius UK, says:
“Following the news that interest rates have remained stagnant at 5.25 per cent[1] for the sixth consecutive month, retailers cannot afford for the Bank of England to hold the interest rate for much longer.
Retail spending over the Christmas period was dampened by the cost-of-living crisis, as households held back on non-essential spending and even cut back on essential spending. We are all being forced to tighten our belts, and sadly retailers are bearing the brunt of the government’s efforts to subdue inflation rates.
