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Retail Sales In July Expected To Fall By 0.3%

News that the average forecast for July retails sales is a decrease of 0.3% has been met with concern by many in the investment markets. Falling retail sales do not bode well for the future of the economy and while the growth rate for retails sales over the year is still 1.7% it looks set to move significantly lower in the weeks and months to come. Further falls, which are now discounted by many in the market, seem inevitable and the call for a reduction in interest rates will grow louder.

Unless the authorities do react in the short term with a rate cut we will see more and more businesses struggling and a greater number going to the wall. Indeed comments by a leading US economist about the likelihood of a major US bank going bust over the next few months has created more uncertainty and worry. So what next?

We are nearing a very tricky stage of the economic cycle and one which requires the authorities to get together and make a decision. Continued sitting on the fence, and the government's inability to push through policies which they are suggesting off the record, are doing both sentiment and the economy no good at all. Now is the time to be brave, now is the time do to SOMETHING.

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