City calls on the Bank of England to raise interest rates are being opposed by retailers following another fall in high street sales.

The latest monthly retail sales figures showed a second consecutive monthly slide according to the Office for National Statistics. January's fall is the first time for more than three years that sales have fallen for two consecutive months.

Forum Response: Institute of Directors

Ruth Lea, head of the policy unit at the IoD, told ePolitix.com: "The retail sales figures for January are surprisingly weak. However, we are confident that consumer spending will remain reasonably firm this year. There seems little doubt now that interest rates will have to rise later on in the year, but only modestly."

Forum Response: British Retail Consortium

A spokesman for the British Retail Consortium told ePolitix.com: "These strong, stable growth figures are not only good news for retailers but good news for the whole economy - especially as they are not being achieved at the cost of inflationary pressure.

"Retail growth is central to job creation and central to the economy. If it is damaged by any increase in interest rates, the effect will felt throughout every sector.

"Our Shop Price Index continues to support our view that the recent buoyant sales are not creating inflation in the high street. Furthermore, it continues to show how competitive the retail environment is and how good the retail sector is in controlling its costs to ensure that consumers get good value for money.

"It would be a great mistake for the monetary policy committee to feel under pressure to start raising interest rates just yet."