British spending doubles expectations
In March, 32 per cent of UK retailers reported sales had increased over the last year, more than doubling market predictions of only a 15 per cent rise across the sector, according to research.The latest Confederation of British Industry (CBI) Distributive Trades Survey reported the highest increases in sales since December 2004.The survey showed good performance in all departments, with those linked to the housing market excelling the rest. Fifty-three per cent of hardware and DIY retailers announced increased sales from this time last year. The over-performing home improvement market figures reflect the continued confidence in the housing sector, which reported that new mortgage lending rose by £10.3 billion last month, again surpassing predictions of just a £9.4 billion increase.John Longworth, chairman of the CBI's survey panel commented: "The overall picture is healthy with retailers feeling upbeat, especially with Easter sales around the corner."Retailers now predict that sales growth will slow slightly in April, with overall estimates predicting only a 21 per cent increase. But experts have been wrong before.
Share this..
Related stories
25,000 job losses in one week
In total last week saw a massive 25,000 people placed on the unemployment list as companies around the UK continue to cut down on their operating costs. Unemployment is fast approaching the 2 million mark and is expected to move nearer 3 million in 2009. If this is the case then the 25,000 redundancy week we saw last week could well be the tip of a very very large iceberg.
There is...
What does the New Year hold for you?
As we move towards 2010 many people are still concerned about their mortgages, every day bills, employment and their financial strength. While the headlines in some of the financial press would appear to indicate that the recession is over, financial hardship will still follow many people into 2010 with some experts predicting a massive increase in bankruptcies for at least the next 18 months. So...
Read MoreUK government set to increase minimum wage
The UK government has today confirmed that the minimum wage will be increased on an annual basis and despite calls to freeze this year's rise the government intends to push through with a potential increase to around six pound an hour. So is this the right move, bearing in mind the state of the UK economy?
We have two very distinct parties fighting different causes with businesses a...
EU watchdog could overrule UK government
It has been revealed today that a new EU watchdog for the financial industry could actually force the UK government to bail out a bank which the EU believed was in trouble even if the UK authorities did not hold the same opinion. While any member state of the EU would have a right of appeal if they disagree with a ruling from the EU watchdog, many people are concerned this is yet another example o...
Read MoreUK families and the £1250 a year tax rise to cover runaway government debt
A report by the Institute for Fiscal Studies (IFS) ahead of the government's budget on 22 April has highlighted the severe deterioration in the finances of the UK economy. The IFS believes that the UK government has yet to account for the losses to the tune of £130 billion from various funding arrangements with nationalised UK banks. As a consequence, the government will need to find around £39...
Read More