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News that Alex Salmond, the leader of the ruling SNP in Scotland, has been somewhat liberal with his recent comments about housing budgets and assistance has caught the attention of opposition...
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Thursday 24th July 2008
Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The move has more than wiped out May’s surprise jump and brings the annual growth rate down to 2.2%. So what is happening?
While it would be foolish to sound the alarm bells after one month’s figures, the fall of 3.9% was far greater than the consensus forecast for a 2.5% fall, there is concern that confidence in the retail sector is evaporating.
Non-food sales fell by a massive 4.5% but it was the drop is food sales, down 3.6% in June, which has really caught the eye. This is the surest sign yet that the UK consumer is cutting back and does not bode well for the retail sector as a whole. Business has been very difficult on the high street for some time but with the food sector now being dragged into the frame we could be in for a very difficult 12 months.
The next few months could well see a number of high profile casualties on the high street with many well known stores rumoured to be struggling at the moment. |
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