Saturday, May 11, 2024

Summertime Blues? UK Shoppers Splash Out As Heat-wave Hits

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The British Retail Consortium said the value of total sales at its members - mostly large chains and major supermarkets - was 2.3% higher than in July 2021, a contrast with falls in each of the previous three months.

Like-for-like sales, which adjusts for changes in floor space and shops closed due to lockdown restrictions, rose 1.6% after falling for four months.

However, the figures are not adjusted for inflation and the BRC said they represented a fall in volume terms.

The two remaining contenders to become Britain's next prime minister - foreign minister Liz Truss and ex-finance minister Rishi Sunak - are both promising to help households either via tax cuts or direct support to help meeting surging power bills.

Last week the Bank of England said Britain's economy was on course to fall into recession at the end of this year and only emerge from it in early 2024.

Figures from payments processor Barclaycard also contrasted with the prevailing gloom over the economy.

Consumer spending in July was 7.7% higher than a year earlier, pushed up by sales of clothing, beauty products and staycations as well as a 44% leap in utilities and a 30% leap on fuel, Barclaycard.

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