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Retail sales rise faster than expected

There was good news for the UK economy today with news that retail sales increased by 0.7% in June and the figure for May was revised upwards from 0.6% to 0.8%. It would appear that the onset of the World Cup saw a significant increase in household goods with TVs and other similar entertainment systems very much hitting the fore. It also looks as though a sudden increase in retail sales before and during the World Cup will have a major impact upon the eventual increase in retail sales for the second quarter to the end of June.

Initial figure for the second quarter 2010 are expected to be in the region of 0.6%, double the growth in the first quarter, and many experts believed we could see an upward revision of this figure in due course. Whether this is the turning point for the UK economy is open to debate because ultimately the property market will have a major impact upon the overall performance of the UK arena. Without a significant recovery in property prices, and indeed recent figures suggest there is downward pressure on property prices, it is unlikely that the UK economy will race ahead.

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