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25 Jun 2025

The E-Bike Positive campaign has seen major success in the first half of 2025, with its message reaching nearly 8 million people across the UK through high-profile media coverage and growing...

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on...

20 Jun 2025

Activate Cycle Academy has reopened its Cytech training facility in Darlington, offering a full range of courses from Home Mechanic up to Cytech Technical Three.
 

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.

16 Jun 2025

The ACT has welcomed the All-Party Parliamentary Group for Cycling and Walking's report "Unregulated and Unsafe: The Threat of Illegal E-Bikes", which calls for urgent Government action to...

11 Jun 2025

A new academic study has found that overzealous pro-cycling campaigners on social media may be inadvertently damaging the case for better cycling infrastructure across the UK.

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street...

10 Jun 2025

Bike thefts across England and Wales have continued their steady decline, according to new data released by cycle insurance specialist Bikmo.

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring...

9 Jun 2025

 To coincide with Bike Week (9-15 June) – the UK’s annual celebration of cycling – new research has revealed a clear shift amongst Gen Z and Millennials in their approach...

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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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