High street sales drop 0.4%
Retail sales fell in the UK last month, Office for National Statistics (ONS) data revealed today.The official figures showed a 0.4 per cent decline on the month, better than analysts' predictions of a 0.9-one per cent fall.August's sales total was also revised, to a 1.1 per cent rise.This means that the annual sales growth now stands at 1.8 per cent, down from 3.3 per cent in August.Gavin George at Ernst & Young told the BBC that the credit crunch would continue to depress retail activity - and that the slowdown was likely to continue for many months to come."As we enter our first recession for 16 years, it goes without saying that times will remain incredibly tough for retailers over the remainder of 2008, and probably all of 2009," he commented."Christmas will be painful for much of the sector as consumers continue to batten down the hatches."
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