Something nasty happened in November. Some shoppers just stopped shopping. As the finance director of Moss Bros put it on Wednesday, sales “literally fell off a cliff”. Yesterday, Alexon, best-known for its women’s wear produced under the Dash or Eastex labels, said it too had experienced the Beachy Head effect in the past five weeks.

Retailers who have seen their sales tumble are hardly likely to quibble about the steepness or location of their fall, but many will agree with Alexon that a quarter-point cut in interest rates is unlikely to arrest their descent before Christmas.