The figures for January to March of this year still show a stronger retail sales growth than the the previous 3 months, but are now dropping to the lowest levels for 2 years.
However, consumer spending will be of principal concern for the bank, whose minutes suggest this as currently prioritised.
WHSmith was one company that managed to defeat the general decline in consumer spending - it posted profits of over £60 million for the six months to the end of February. This follows disastrously losses in 2003, before starting a program of cost cuts and restructuring.
