The owners of Primark upped profit forecasts today, helped by strong sales at the budget fashion house, in a move that will ease fears about the economy, but may unnerve the Bank of England as policymakers fight inflation.
The chain, which has twin landmark shops on London’s Oxford Street, is a barometer of high street spending in almost 200 UK outlets. With the Bank of England waiting for its rate rises to cool consumer spending in the fight against inflation, there was little in the trading update to ease the nerves of under-fire BOE governor Andrew Bailey.
