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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.

30 Apr 2025

The ACT has welcomed the announcement of a parliamentary inquiry into e-bike products not meeting safety regulations, which has been launched “in context of dangerous low-quality e-bike...

29 Apr 2025

Edinburgh has been named the UK’s top city for bike commuting, with 10.00% of its workforce choosing to cycle to work, according to new research.

28 Apr 2025

The Labour Government’s new Employment Rights Bill is set to be in force this year and the new regulations will impact high street retailers up and down the country.

25 Apr 2025

ACT parent company Bira welcomes the Chancellor's announcement of plans to create a level playing field for British businesses against unfair international trade practices.

15 Apr 2025

Retail Crime Remains Alarming - Bira's Latest Survey Reveals Urgent Need for Action

11 Apr 2025

Bira has cautiously welcomed the Prime Minister's announcement this week on plans to put 'thousands of Bobbies back on the Beat' with a new neighbourhood policing guarantee.

ACT parent company Bira welcomes Bank of England's latest interest rate cut

Posted on in Business News , Cycles News

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 retailers, during challenging economic times.

Bank of England

Bira believes the reduction will help alleviate some of the financial pressure on retailers who have been grappling with significant cost increases since April.

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

Andrew Goodacre, CEO of Bira, said: "This latest interest rate cut is the third reduction we've seen in recent months, following cuts in late 2024 and February 2025. For our members, this translates to lower borrowing costs and potentially improved consumer confidence – both essential ingredients for retail recovery.

"Independent retailers know that confident consumers spend more money. With sales needing to increase to keep pace with the significant cost increases faced by the retail sector since April, this decision couldn't have come at a better time.

"This interest rate cut represents a positive step, but we continue to advocate for comprehensive reform of business rates and additional measures to combat retail crime – issues that remain significant concerns for our members."

The announcement comes at a critical time for independent retailers who have faced considerable challenges, including rising operational costs, energy price increases, and the continued impact of inflation on consumer spending. These pressures have been especially felt by sectors such as independent cycle shops, where margins are tight and customer footfall can be highly seasonal.

Bira also highlighted that the interest rate cut, combined with two major trade deals secured by the government, should create a more favourable economic environment for small businesses. The association has consistently campaigned for measures to support high street retailers, who play a vital role in local economies throughout Britain.

Whilst welcoming the rate reduction, Bira emphasised that more work remains to be done to fully revitalise Britain's high streets and ensure the long-term sustainability of independent retail.

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