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Bank of England looks set to raise rates again next month


Bank of England looks set to raise rates again next month after retail sales bounced back in January


The Bank of England looks set to raise rates again next month after retail sales bounced back in January. 

Retail sales rose by 1.9 per cent in January, up from a 4 per cent decline in December, according to the Office for National Statistics (ONS), as people splashed out money on furniture and fuel. 

Best foot forward: Retail sales rose by 1.9 per cent in January, up from a 4 per cent decline in December

The increase was the biggest monthly jump since April last year. Sales were also around 3.6 per cent ahead of their pre-pandemic levels seen in February 2020 before lockdown began. 

Neil Birrell, of Premier Miton, said the rebound in sales was ‘likely’ to help convince the Bank of England that the economic recovery ‘will be able to cope with more interest rate rises.’

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