Friday, October 20, 2017

Cable: Retail sales fall as shop prices see biggest rise in five years

Retail sales fell sharply by 0.8% in September 2017 compared to the previous month, figures published yesterday by the Office for National Statistics have revealed.

Meanwhile prices in the shops increased by 3.3% compared to last year, the largest annual rise since March 2012.

Liberal Democrat Leader Vince Cable commented:

"This fall in retail sales shows shoppers across Britain are feeling the Brexit squeeze.

“A toxic combination of rising prices and stagnant wages is severely constraining household spending.

“Year on year retail growth is also looking weak compared to previous years.

“Given the UK’s unhealthy over-reliance on consumer spending, the government must clarify where future economic growth is going to come from.”

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