Interest rates unchanged

The Bank of England (BoE) has decided to leave interest rates unchanged at 4.5 per cent for a third consecutive month.

The result was largely expected by the City, but left many retailers disappointed. British Retail Consortium director-general Kevin Hawkins said: 'We did not expect any change in interest rates today from the BoE, although clearly a further reduction in the run-up to Christmas would have been helpful to both retailers and industry in general.'

In recent months a number of retailers - such as All:sports and Furnitureland - have been forced to call in administrators, blaming falling sales and tough high street conditions as consumers reined in their spending.