Retail sales in surprise fall in September

| October 21, 2010 | 0 Comments

The Office for National Statistics (ONS) has today reported a decline in UK retail sales for the month of September - the second monthly fall.

According to the ONS, retail sales dipped 0.2% last month and followed a downwardly revised fall of 0.7% in August.

The fall was attributed to weak demand for clothing and fuel - suggesting that consumers are tightening their belts further.

However, on an annual basis, sales were 0.5% higher but below expectations of a 1% rise in annual growth.

The figures are published the day after Chancellor George Osborne unveiled his Comprehensive Spending Review – in what were described as the most savage spending cuts since the Second World War.

The cuts are most certainly likely to impact even further on consumers’ purse strings and therefore, economists argue that the Bank of England will have to take action to boost growth.

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