The UK high street is suffering a worse-than-predicted downturn in sales, the Financial Times reports.Some of the country’s biggest retail entrepreneurs, including Sir Phillip Green and New Look chief executive Phil Wrigley, have expressed their concern.Sir Phillip, owner of Arcadia, claims that anyone who doesn’t accept that there is "significant consumer weakness is on the wrong planet".In response to the trading downturn, Sir Phillip is calling on the Bank of England to make significant cuts to interest rates over the coming year.However, despite concerns Mr Wrigley says New Look is still set to make earnings of £200 million, before expenses.Sit Phillip added that he was considering "one or two" potential businesses deals over the next year, but said that the credit squeeze was proving a challenge.Earlier this week the British Retail Consortium warned that October’s minimum wage increase could also lead to a slump in retail growth.