The Bank of England’s decision to cut interest rates today has been welcomed by the British Retail Consortium (BRC).
The Bank of England's rate-setting committee has cut interest rates from 5.5% to 5.25%.
The BRC's new director general, Stephen Robertson, said: "Having rejected a January rate cut, the Bank is right to act now to refuel the faltering economy and ensure it doesn't stall.
'Household bills are rising and there are job fears. Without a series of reviving rate cuts, consumer pessimism risks becoming self-fulfilling.
"Discounting moved up a gear over the last three months. Many retailers are suffering as costs rise much faster than selling prices, so job cuts could be forced upon retailers under pressure."