No Bank Rate Cut… Yet
So the Bank of England feels that a rate cut is not required just yet. They announced today that rates are to remain the same for another month. It may well be we need to see the dust settle for a little while to see the impact of various forces on prices and spending but a further cut is now widely expected at their next meeting in February.
Unlike yesterdays news on M&S last quarter sales Sainsburys has reported better trading over the xmas period with sales up over 3%. It would seem logical that since food prices have increased their turnover should increase. Food price increases is one of the inflationary pressures the Bank of England is concerned about. Most consumers would cut back on buying new handbags, clothes and tvs if money is tight but food is likely to remain a priority for most people. We have got used to eating well and that isn’t something we will change easily.
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