Not content with saving one major High Street store, Sir Stuart Rose has now moved on to offering economic guidance to the whole of the UK! Following a slight slump in sales for the first time in two years Sir Rose has pointed the finger at high interest rates. “The consumer is facing a squeeze and we have been making sure that our customers continue to get a good deal, but everybody is under pressure, not just us,” he said.
Shares in M&S plunged almost 20 per cent in early trading although Sir Rose insists that this isn't simply a problem faced by M&S but that it was felt across the entire retail spectrum. He called for a cut in interest rates to help ease the cost of borrowing for cash-strapped consumers.
He said that the problems began in the summer with the issues facing Northern Rock which cast a shadow of uncertainty for UK consumers. Despite this, Sir Rose will not flee from the UK store and simply added, "I'm not one to shirk responsibility. I said I would stay for five years and I will do that," he said.
[Source: Times online Image: Getty]
