Morrisons confirms strong Christmas trading
UK supermarket giant Morrisons has today confirmed strong trade over the festive period with like for like sales increasing by 6.5% in the six weeks to 3 January. This figure strips out the impact of new stores and is broadly in line with figures released by likes of Tesco and Sainsburys earlier this month. Even though Morrisons is on the verge of losing chief executive Marc Bolland to Marks & Spencer it seems to be business as usual at least for the time being.
Outside of the UK supermarket sector Christmas trading has been mixed with some companies performing significantly better than others. This would indicate that the improvement in the UK economy is not as yet widespread and could also confirm the opinion that the recovery is at this moment in time fragile and without a solid base.
The first quarter and the second quarter of 2010 will be vital as an indication of the strength and direction of the UK economy for the whole of the year. Inflation has picked up in the short-term, but is expected to fall back, and there is now a growing argument that UK base rates should increase to reduce the potential threat of inflation by stifling credit at source.
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