LONDON (AFX) - The British Chambers of Commerce thinks there's room for another interest rate cut after official retail sales figures showed a surprise reverse for the second month in a row. Retail sales volumes fell 0.3 pct in January, much weaker than the 0.8 pct improvement anticipated by the market. December's fall of 0.3 pct was also revised down to 0.4 pct. Most economists had been confident that the December result would have been revised upwards. Ian Fletcher, chief economist at the BCC, said the figures "open the door slightly more ajar for an interest rate cut in the coming months", though he stressed that it is too early to suggest that the economy is faltering. "If the slowdown on the high street continues, then consumers might need a helpful nudge from the Bank of England," he said. Of greater significance, he said, were Prime Minister Tony Blair's comments last night that taxes may have to rise to pay for sustained improvements in the National Health Service. "If general taxation is to help pay for public services, then this provides the Monetary Policy Committee with greater scope to loosen policy," he said.