Interest rates left unchanged

The Bank of England (BoE) reduced interest rates by 0.25 per cent today handing retailers a much-needed pre-Christmas boost.

Pressure on the BoE’s Monetary Policy Committee had been growing in the wake of plummeting consumer confidence, evidence of grim trading on the high street – with profit warnings coming in thick and fast, and falling property prices.

This week, fashion retailers Alexon and Moss Bros have both issued profit warnings as early Christmas trading disappointed.