You are here: Home - Uncategorized -

Retail sales show healthy surge as UK shoppers splash out

0
Written by:
26/03/2007

Retail sales in the UK bounced back strongly in February after a gloomy January, as people made the most of deeply discounted prices and flocked back to the High Street to spend their cash rather than make a saving and investment with it.

Figures from the Office of National Statistics (ONS) showed that sales volumes grew 1.4% in February compared to the previous month and 4.9% from a year earlier.

And, in a tacit admission of error, the ONS also revised its figures for January from a fall of 1.8% to one of 1.5%.

Retail analyst Deborah Harrison said: “Retailers had to discount prices again to make the sales, and prices are on average 0.3% lower than they were a year ago. This means they are feeling the pressure and you have to wonder how deep the discounts will go before they reach the bottom line.”

She continued: “To my mind, the surge in sales probably means the Bank of England will raise interest rates again in an effort to control inflation, possibly as early as next month.

“I’m also not sure if people are spending the money they have or whether they are adding to their debt burden by obtaining credit.”

 

 

 

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Staff must have our UK current account stipulates Royal Bank

The Royal Bank of Scotland (RBS) has put its foot down and is now insisting that its workers must have their...

Close