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John Lewis announces a 13% fall in sales

Another day another downbeat report in the retail sector with retail bellwether John Lewis announcing a 13% fall in weekly sales compared to the same period last year. This comes on the back of last week's 14% reduction in sales and confirms what is an alarming trend on the high street. As Christmas approaches there are real worries about the financial standing of many well-known retail companies in the UK with the likes of Woolworths already under severe pressure.

It had been hoped that the UK rescue package for the banking sector would have freed up much more finance for the economy but as yet the deadlock between the government and the banking sector continues. While not necessarily encouraging consumers to borrow money, the government are keen that refinancing arrangements should be made available in order to relieve some of the financial strain many taxpayers in the UK are feeling.

Despite a number of high profile high discount days from the likes of Marks & Spencer and other major retailers there appears to be little that businesses can do to try and inject some activity into the sector. There are concerns that retailers have shown their hands too quickly and consumers may be waiting for prices to fall further in the run up to Christmas.

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