Retail boss in rates call

The chief executive of DIY firm Home Retail Group, Terry Duddy, has called for a cut in interest rates following sluggish sales figures over the Christmas period.

Mr Duddy, whose company owns stores such as Argos and Homebase, said that the latest saes figures showed that a slowdown was "evident", the Financial Times reports.

He stated that he wanted to see the Bank of England reduce the base rate, commenting: "The bigger and quicker the better."

If the Bank of England is planning a rate cut, the consequence may be to boost the UK housing market.

However, when the monetary policy committee (MPC) next meets on February 6th and 7th, it will have to hand the details of the latest quarterly inflation report, which will itself be published the following week.

The data in the report may have a major effect on the MPC's decision.


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