Retail gloom continues
Retail sales continue to decline following a trend that started at the end of 2004, official figures show.
The volume of retail sales in the three months to February was 0.6% down on the previous three months, the Office for National Statistics said yesterday.
BRC Director General, Kevin Hawkins, said: ‘The ONS figures out today come as no surprise and reinforce the BRC’s own sales figures released last week. Consumer confidence is weak and concern over a further increase in interest rates and uncertainty about house prices, continues to discourage spending.
Retailers are relieved the chancellor did nothing to further weaken consumer confidence, but we need a reduction in interest rates to help rebuild it.’