13/07/2010
Businesses take hit with discounted prices says Chamber
Release: Immediate: Ref: Infl 13.7.10
Businesses take hit with discounted prices says Chamber
The fall in June inflation figures announced today by the Office for National Statistics is partly due to businesses cutting prices with retailers bringing forward summer sales, say business leaders.
Will Rogers, policy adviser at Birmingham Chamber of Commerce and Industry (BCI) said: “Early sales will mean that businesses will make smaller profits. There is only a limited amount of time that retailers will be able to sustain discounted prices.
“The economy is still very fragile and realistically to meet the recovery head on, businesses will have to increase their profit margin.
“We would therefore urge the government to keep interest rates static for the time being, which will give business more time to recover.”
Note to Editors
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Birmingham Chamber
Birmingham Chamber of Commerce and Industry is one of the UK’s oldest and largest Chambers and represents about 3,000 companies that employ over 170,000 people in Birmingham and Solihull. It offers extensive services to industry and commerce, having served the interests of business for over two centuries, promoting trade locally, nationally and internationally.