The Bank of England has held interest rates at 5.5 per cent, dealing a bitter blow to many hard-pressed retailers reeling from poor festive trading.
Retailers, including M&S chief executive Sir Stuart Rose, had urged the Monetary Policy Committee to cut rates, in an effort to boost consumer confidence and spending on the high street.
This year, a raft of retailers, including M&S, DSGi and Land of Leather, have issued disappointing trading figures.
Consumers are cutting back on retail expenditure in the wake of soaring energy bills, rising food prices and stagnating house prices.
Last month, the Bank of England cut the interest rate to 5.5 per cent, which was some relief for retailers pre-Christmas.
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