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Retail NI Comments on Interest Rate Increase

Commenting on today’s decision by the Bank of England’s MPC decision to increase Interest Rates, Retail NI Chief Executive Glyn Roberts said:

“This is not a welcome development given how weak consumer spending is at the present time. Retail footfall has decreased and a very significant number of large retailers have folded-this increase will certainly not be welcomed by the retail sector”

“This is also not good news for many hard-pressed mortgage-holders who will see an increase in their monthly payments, particularly in Northern Ireland, where we already have the lowest discretionary spend”

“The UK economic recovery is at best sluggish and we believe this increase is premature”

Glyn Roberts 07515 710517