UK: Consumers Rein In Spending As Confidence Dampens
British shoppers have started to rein in their spending as rising interest rates and wet weather dampen consumer confidence.
The latest figures from the British Retail Consortium show retail spending growth in the UK slowed for the second month running in July.
Like-for-like sales rose just 1.8 per cent in July from a year ago, down from 2.4 per cent in June and 3.7 per cent in May.
Meanwhile, total sales (which include the impact of new stores and additional retail space) rose by just 4.3 per cent in July compared with 5.0 per cent in June and 6.5 per cent in May.
Sales of sandals, summer clothes and swimwear were hitearly in the month, the BRC survey said.
The Bank of England raised interest rates by a quarter-point to 4.75 per cent last week - the fifth rates hike since November.
Retailers will be forced to absorb the cost of supporting Italian shoemakers if EU duties on Chinese shoes go ahead, British Retail Consortium director Alisdair Gray said....
The British Retail Consortium has lashed out against the EU's decision to refuse market-economy status to China's footwear makers, claiming it is the first step to unnecessary anti-dumping duties....
UK retail sales showed an improved like-for-like gain during December, but clothing sales took a downturn, according to the latest report from the British Retail Consortium....
UK retailers have enjoyed their first same-store sales growth since March, with colder weather driving up clothing and footwear sales, according to a report by the British Retail Consortium....
Chancellor Gordon Brown has revealed a plan to slash red tape for UK businesses to allow greater flexibility, in a move that may help alleviate fears over stifling EU bureaucracy....
British Retail Consortium director general Dr Kevin Hawkins has lashed out at comments on shoplifting made by Lord Justice Rose in the Court of Appeal....
Same-store high-street sales have fallen for the seventh month in a row as unseasonably warm weather hurt demand for winter clothing and footwear....
UK retailers could be losing millions of pounds off the bottom line due to poor communications between head office and the front line, according to an industry report from Retail Performance Specialis...
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