The British Retail Consortium (BRC) has reported that the UK retail shop price index contracted 0.2% from October to November. On an annualized basis the index grew by 2.7%, down from 3% in October. BIC Director General Stephen Roberson said “The VAT cut will contribute to reducing inflation further in December but can’t make a big difference to consumer spending on its’ own” adding “the Bank of England should have the courage to cut rates by another whole point.” Patience Stephen, it’s coming.