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16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.

15 May 2025

A new e-bike hire scheme is set to launch in Edinburgh on a two-year trial basis, with the aim of having bikes on the streets ahead of this summer’s Fringe Festival.

14 May 2025

The City of London’s ‘Square Mile’ has seen the biggest increase in cycling since records began, with daily numbers rising past all previous counts.

13 May 2025

Local Bike Shop Day 2025 brought a wave of...

12 May 2025

A doctor left with life-changing spinal injuries after the front forks of his gravel bike snapped during a ride has secured a £4.5 million settlement following a prolonged legal battle.

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling...

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow...

2 May 2025

Could the UK cycling industry be showing signs of renewed momentum? Following a challenging period marked by falling sales and overstocked inventories, overall trends and sales figures from...

2 May 2025

The Netherlands is set to legalise electric scooters and other light electric vehicles on public roads from July 2025, provided they are registered and display a license plate.

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Bira warns of 'troubled times ahead' despite interest rate cut

Posted on in Business News , Cycles News

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 2025 to just 0.75%.

Bank of England

Andrew Goodacre, CEO of Bira, said: "The reduction in interest rates was expected and is welcome news for the retail sector. We have consistently maintained that rates have unnecessarily remained high for longer than required, and we anticipate this reduction will help boost consumer confidence."

However, Bira expressed serious concerns regarding the Bank's revised economic growth projections. The forecast has been halved from the previous estimate of 1.5% to just 0.75% for 2025, despite recent government initiatives.

Andrew Goodacre, CEO of Bira
Andrew Goodacre, CEO of Bira

Mr Goodacre said: "The Bank's economic growth outlook is deeply worrying. Independent retailers are still grappling with the triple impact of rising costs from last year's budget. While the Bank of England is taking steps to stimulate growth through rate cuts, more immediate action is needed from the government to support high street businesses."

The Bank's decision comes amid rising inflation expectations, with projections showing inflation could reach 3.7% in the third quarter of this year. Additionally, unemployment is forecast to increase to 4.8% over the next year, highlighting the challenging economic environment facing retailers.

Bira emphasises that while long-term infrastructure projects are important, immediate support for high street businesses is crucial.

He added: "Long-term projects like the third runway at Heathrow will do little to address the immediate challenges facing high street retailers this year. We need to see concrete government plans that will deliver immediate support to our sector."

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