Decline in retail sales highlights threats to the economy
19/02/10 | 11:37
Commenting on the January retail sales figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“A decline in January’s retail sales was predicted because of weather-related disruption, but the fall was worse than expected, and December’s figure was also revised down. British retailers are obviously facing difficulties, and there is no significant sign that the economic recovery is gathering momentum.
“These figures show that there is clearly no case for the MPC to scale down its £200bn QE programme, or to contemplate higher interest rates. Risks of a double-dip recession remain serious, and unless we see evidence that the economy is improving - from retail and other sectors - further measures to support growth may be needed.”
Ends
Media Contact:
Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk
Notes to Editors:
Between December 2009 and January 2010 total sales volume decreased by 1.8 per cent, the largest decline since June 2008 when it was 2.5 per cent
January’s retail sales figures can be viewed here: http://www.statistics.gov.uk/cci/nugget.asp?id=256
The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people