Slump in UK retail sales

There was a surprising fall of 1.4% in retail sales in May. There had been a rise of 1.1% in April, but the Office for National Statistics put that down to a combination of the royal wedding and the number of Bank holidays added to the fine weather. But, the fall during May was the steepest since January 2010, and … Continue reading

Posted by Nigel Tree | Comments Off on Slump in UK retail sales

Record public sector borrowing in August

Public sector borrowing reached £15.9bn in August, which was a record figure for the month. This compares with £14.1bn in the same month last year. The current budget deficit which shows the difference between government spending and income rose by £2.3bn to £13.3bn. This is not very good news on the surface, and gives added reason to the chancellor to … Continue reading

Posted by Nigel Tree | Comments Off on Record public sector borrowing in August

Record UK trade gap

The deficit on trade in goods widened to £8.7bn in July, which is the biggest monthly figure since this current series of measurement began in 1998. This deficit compares with one of £7.5bn in June according to figures published yesterday by the Office of National Statistics. The UK’s balance of trade on goods and services also widened from £3.6bn in … Continue reading

Posted by Nigel Tree | Comments Off on Record UK trade gap

Think tank believes UK growth will be worse than anticipated

The National Institute of Economic and Social Research (NIESR) has just launched its quarterly review of the UK economy. It actually believes that Britain will see a 1.3% increase in GDP this year, which is above the forecast of 1.2% made by the Office for Budget Responsibility. However, that is where the good news ends. NIESR forecasts that GDP will … Continue reading

Posted by Nigel Tree | Comments Off on Think tank believes UK growth will be worse than anticipated

Sharp fall in retail sales

Retail sales volume fell by 1.8% between December 2009 and January 2010. This represents the largest decrease in a single month since June 2008 when it was 2.5%. Stores which predominantly sell food showed a fall of 2.4%, whilst predominantly non-food stores showed zero growth. Within this latter category, there was an increase in textile, clothing and footwear stores of … Continue reading

Posted by Nigel Tree | Comments Off on Sharp fall in retail sales

Spending on clothes has gone down, so why do we need bigger wardrobes?

UK households spent less on average per week on shoes and clothing in 2008 than at any time since 2001-02, according to ‘Family Spending’, the annual report on household expenditure from the Office for National Statistics.   Spending on clothing and footwear fell to an average of £21.60 per week from a high of £23.90 in 2004-05. Why did we … Continue reading

Posted by Nigel Tree | Comments Off on Spending on clothes has gone down, so why do we need bigger wardrobes?

Car sales improve due to scrappage scheme

It’s amazing when the good news is that new car registrations only fell by 15.7% in June. But this decline was the lowest monthly figure since July 2008, even though the total year-to-date statistic shows a drop in the market of 25.9%.   Private car sales actually rose in June by 3.9% and have proved to be very resilient over … Continue reading

Posted by Nigel Tree | Comments Off on Car sales improve due to scrappage scheme