World Cup boost to UK retail sector
Believe it or not, despite the poor performance of the English football team at the South African World Cup, there was a significant boost from the event for the UK retail sector. Between May and June this year we saw sales increase by 0.7% at a time when many had been forecasting doom and gloom for the UK retail sector. So will this give UK consumers the boost they need?
While there's no doubt that the short-term increase in consumer activity during the World Cup will come to an end now that the event is over we may well have seen the start of a return of the feel-good factor. However, there is certainly no room for complacency with regards to the UK economy at a time when budget cuts will inevitably eat into consumer funds and retail activity. Despite a more hopeful outlook in the short to medium term it was very evident this week that the Bank of England is still concerned about the short-term situation in the UK.
Against this backdrop it is very easy to get carried away with regards to the recent retail figures, no matter what is actually going on underneath the surface.
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