Retailers in need of confidence boost

Struggling retailers are demanding a confidence-boosting cut in interest rates this week to kickstart the festive season on the high street.

"Christmas is going to be challenging, but it could be better if we get a cut in rates", said Kevin Hawkins, director-general of the British Retail Consortium, which is set to reveal that October saw the seventh successive monthly decline in high street sales.

The British Chambers of Commerce, which represents many small businesses, echoed Hawkins's demands, calling on the Banks' Monetary Policy Committee to seriously consider cutting rates.