• Is Cell C sustainable?

    Is the mobile operator another African Bank in the making, asks Gugu Lourie.

  • Alliances that work

    Mutually adding value secures the employer-employee relationship, says Ian Mann.

  • Without prejudice

    We all need to fight the ugly bigotry that’s made news recently, says Mandi Smallhorne.

Loading...
See More

UK retail sales barely grow in July

Aug 18 2011 13:39 Reuters

Related Articles

UK retailers suffer worst Dec

World Cup boosts British retail sales

US retail sales temper recession fears

Shoprite to miss sales forecasts

Retail sales pick up

Retail sales hit the skids

 
London - British retail sales barely grew in July, data showed on Thursday, in yet another sign that cash-strapped consumers cut back spending, underscoring the risks for the fragile economic recovery.

The Office for National Statistics said sales volumes including automotive fuel grew by just 0.2% last month, leaving retail sales unchanged from last year's level.

Analysts had forecast a rise of 0.3% on the month and an equal annual rise, as retailers slashed prices aggressively in summer sales.

Excluding fuel, retail sales also grew by just 0.2% on the month and were 0.2% lower than in July 2010.

Business surveys have pointed to weak sales in July and many retailers expect a further worsening. Britons have cut back on spending as soaring prices, higher taxes and slow wage increases eat into their budgets and uncertainty about job security weighs on sentiment.

Economists expect consumption to be a major drag on the economic recovery, which has stalled in recent months.

NEXT ON FIN24X

Eskom: SA on power alert

52 minutes ago

 

Latest Articles

Invest for Income Read More...
15 Investment Tips for 2015 Read More...
Tax-free saving accounts are coming Read More...
Which generator is right for you? Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...