Gloom for retailers
There was gloom for UK retailers in April as sales fell by their sharpest level for more than a decade, according to the British Retail Consortium.
Last month saw a 4.7 per cent decline in like-for-like sales at retail outlets nationwide, following the previous month’s 1.8 per cent rise.
The depressed sales activity in April is partly due to the exaggerating effect of Easter having fallen in March this year.
However, the figures will be of concern to Bank of England policymakers, whose decision to leave interest rates at 4.75 per cent is partly in recognition of the effect that consumer spending has on economic growth.
“A slowing housing market, pre-election economic uncertainty and the continuing threat of interest rate rises dominated consumer confidence in April,” said BRC director general Kevin Hawkins.
The BRC identified electrical items, furniture, and clothing and footwear sales as the hardest hit areas for retailers.
