13-05-2008
April retail sales worst since 2005
News for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Retail sales in the UK have taken a large fall this year compared with the same months in 2007, making it the worst year-on-year figure since 2005.
From February to April sales were down 0.6% against the same period last year.
BRC director-general Stephen Robertson suggest this is a strong indication of the public's reaction to the current economic situation. He said: "This is the first time in three years we've had two months in a row of year-on-year falls in like-for-like sales, further evidence that hard-pressed customers are really watching the pounds.
"With higher fuel and utility bills eating away at people's spare cash, they are concentrating on essentials like food. Despite heavy discounting, clothing and footwear were at their weakest for at least eight years and more expensive housing-related goods continue to struggle."
The situation is not being helped by increased inflation and a lack of impact made on finances by lowering the Bank of England interest rate.