This is a trade facing website. Visit the ACT's consumer site thecyclingexperts.co.uk for information and advice on cycling and find your local independent cycle retailer.

Search News

Results: 1-10 of 936


5 Mar 2025

New research has revealed a recent uptick in UK consumer confidence, leading to increased hiring by businesses, with the retail sector responding positively to signs of economic resilience.

4 Mar 2025

The Office for Product Safety and Standards (OPSS) has issued a fresh warning about the dangers of UPP e-bike batteries, urging consumers to stop using them immediately.

28 Feb 2025

Independent cycling retailer and ACT member Velo Fit has become the first to stock a new brand of bikes focused on combining quality and affordability.

26 Feb 2025

ACT parent company Bira has cautiously welcomed Labour's Crime and Policing Bill but is calling for urgent action and immediate funding to address the surge in retail crime affecting independent...

19 Feb 2025

Electric cargo bike firm Zedify is set to enter administration following a failed search for new funding, after aiming to be active in 50 cities over the next few years.

18 Feb 2025

Halfords has upgraded its profit expectations for 2025 following a strong end to 2024, signalling a possible boost for the wider cycling retail sector after a difficult period.

17 Feb 2025

A £291m funding package from Active Travel England is set to be used for cycle lanes and improved junctions, while also supporting local businesses and making it easier to cycle to work,...

14 Feb 2025

The UK Government has removed anti-dumping tariffs on non-folding e-bikes imported from China in a move that has raised alarm within the UK’s cycling industry over potential market...

7 Feb 2025

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...

4 Feb 2025

The ACT and legal partner WorkNest are hosting an exclusive webinar on how to remain compliant with employment law while making necessary business changes.

Back to news menu

Independent Retailers Association says steady inflation at 2.2% provides stability, but calls for interest rate reductio

Posted on in Business News , Cycles News

The British Independent Retailers Association (Bira) has said the inflation rate holding steady at 2.2% in August provides some stability for the high street - but stresses the Bank of England needs to now reduce interest rates to boost consumer spending.

Bira press release

Bira, which works with over 6,000 independent businesses of all sizes across the UK, has reacted to the news that the UK inflation rate for August has remained unchanged from July, sitting just above the Bank of England's target of 2%. This marks a significant improvement from the peak of the cost of living crisis in 2022.

The steady rate for August comes despite a jump in air fares, offset by lower fuel prices and a slowdown in restaurant price increases. However, private rents across the UK increased by 8.4% in the year to August, potentially putting additional pressure on consumers' disposable income.

Andrew Goodacre, CEO of Bira said: "We're pleased to see inflation has remained static, although consumer spending on the high street for non-essential items remains depressed. With inflation not rising, we hope the Bank of England will reduce interest rates to boost consumer confidence.

"Reducing interest rates is crucial to fully restoring consumer confidence and bringing people back to the high streets. We are approaching the golden quarter for retail, and we need to see consumer confidence and spend improve," he added.

The Bank of England is expected to keep interest rates unchanged at 5% when it meets on Thursday.

Bira continues to advocate for measures to support high street businesses, particularly as they approach the crucial pre-Christmas trading period.

Back to news menu

Useful links

If you have any other queries please contact us.