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7 Feb 2025

ACT parent company Bira has warned that retailers across Britain face troubled times ahead despite today's Bank of England interest rate cut to 4.5%, as the Bank halves its growth forecast for...

4 Feb 2025

The ACT and legal partner WorkNest are hosting an exclusive webinar on how to remain compliant with employment law while making necessary business changes.

31 Jan 2025

New independent research has confirmed OEM e-bikes are effectively exempt from risk of battery fires, with unsafe post-purchase replacement batteries, conversion kits, and other equipment that...

31 Jan 2025

The UK Government has decided not to go ahead with proposals to increase the maximum power output of e-Bikes to 500W and to permit throttle assistance following a lengthy consultation process.

23 Jan 2025

ACT parent company Bira is calling for urgent government intervention following disappointing December retail figures, which show sales volumes fell by 0.3% following a modest 0.1% rise in...

22 Jan 2025

Cytech's Australian training provider The Bicycle Academy,  which delivers their courses in Brisbane, Sydney, Melbourne, Adelaide and Perth, paid visits to UK Cytech centres late last year...

21 Jan 2025

The ACT is set to deliver a seminar at both the North and South iceBike* events discussing the current challenges and opportunities facing the UK cycle industry.

17 Jan 2025

The ACT has teamed up with employment law, HR, and health and safety experts WorkNest as the association's new legal partner.

10 Jan 2025

The ACT have presented a formal complaint to the BBC, with Director Jonathan Harrison claiming the program was misrepresentative and made "incorrect claims about regulations".

9 Jan 2025

ACT parent company Bira has warned that disappointing footfall figures for December show mounting pressures on independent retailers, with concerning implications for 2025 as business costs...

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Independent Retailers Association says steady inflation at 2.2% provides stability, but calls for interest rate reductio

Posted on in Business News , Cycles News

The British Independent Retailers Association (Bira) has said the inflation rate holding steady at 2.2% in August provides some stability for the high street - but stresses the Bank of England needs to now reduce interest rates to boost consumer spending.

Bira press release

Bira, which works with over 6,000 independent businesses of all sizes across the UK, has reacted to the news that the UK inflation rate for August has remained unchanged from July, sitting just above the Bank of England's target of 2%. This marks a significant improvement from the peak of the cost of living crisis in 2022.

The steady rate for August comes despite a jump in air fares, offset by lower fuel prices and a slowdown in restaurant price increases. However, private rents across the UK increased by 8.4% in the year to August, potentially putting additional pressure on consumers' disposable income.

Andrew Goodacre, CEO of Bira said: "We're pleased to see inflation has remained static, although consumer spending on the high street for non-essential items remains depressed. With inflation not rising, we hope the Bank of England will reduce interest rates to boost consumer confidence.

"Reducing interest rates is crucial to fully restoring consumer confidence and bringing people back to the high streets. We are approaching the golden quarter for retail, and we need to see consumer confidence and spend improve," he added.

The Bank of England is expected to keep interest rates unchanged at 5% when it meets on Thursday.

Bira continues to advocate for measures to support high street businesses, particularly as they approach the crucial pre-Christmas trading period.

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