NOVEMBER TRADE NEWS Woolworths confirms administration Textile maker claims innocence in fake goods case VAT cut drives Irish shoppers north of the border Woolworths close to administration Chancellor cuts VAT to 15% Retail sector 'being driven by discounts' Lingerie business to focus on wholesale operations Christmas delivers online shopping BRC warns government of pressure on retailers Wholesaler helps small retailers fight Asda Fraudster made £12,000 from eBay scam Scottish consumers 'tightening their belts' Luxury fashion brand enjoys rise in wholesale activity Weak pound benefits Northern Irish retailers Internet helps small retailers to fight downturn London sales superiority over UK 'dwindling' Cambridge retailers fight proposed Tesco opening Wholesale slump for designer clothing company Small retailers 'under threat Post Office to keep card accounts Wind forces trade fair inland Young consumers 'susceptible' to brands Christmas cheer in store for small retailers Local shops play vital community role Retailers told to expect flat sales this Xmas Keep Trade Local campaign comes to London Park Cameras bags Retailer of the Year award Retail sales plummet to three-year low Christmas 'make or break' for small retailers UK traders invited to enter Retail Week Awards Mary Queen of Shops to help Birmingham retailers Scottish Asda store criticised by local resident Low interest rate good news for small firms Markets must support each other, says CGTA Banks urged to pursue small business funding BRC to launch new online retail sales indicator Small retailers voice optimism in Kendal Portsmouth hosts bash for local newsagents Argos under fire for 222% APR store card Emergency funding for ailing small firms Stolen goods warning for Worcestershire retailers Trade News Archive November 08 October 08 September 08 August 08 July 08 June 08 May 08 April 08 March 08 February 08 January 08 Subscribe to our newsletter   Go to The Wholesaler UK Directory  7th November 2008 Low interest rate good news for small firms The Bank of England's decision to cut the UK's interest rates by 1.5 per cent has been welcomed by industry groups which champion small businesses. According to the Federation of Small Businesses and the Confederation of British Industry (CBI), the reduction will help to make things easier for independent firms. As reported by the Evening Telegraph, it is also hoped that the rate cut will help to boost consumer confidence in the run up to Christmas and encourage spending. However, both the FSB and the CBI noted that it will be important for banks to pass on the cut to their customers for the full benefit to be felt by small firms. Richard Lambert, CBI director general, commented: "Business and consumer confidence has been deteriorating sharply in recent months, and recession has replaced inflation as the major threat to the economy over the next year or two. "This cut of one and a half percentage points should help to ease conditions in the credit markets, and allow banks to pass the benefits on to their customers." The Bank's decision, made yesterday (November 6th) puts interest rates at the lowest they have been for 53 years. (c) 2008 Adfero Ltd. Comment on this news story