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News - 19 April 2011

UK sales Suffer Record Drop.

The difficult times on the High Street were confirmed with the British Retail Consortium (BRC) recording its worst fall in sales since records began in 1996.

Total sales in March were down 1.9% on a year ago, although the early timing of Easter last year had an effect on the figures. Footwear was the only growth sector, as food and drink, clothing, homeware, electrical, and others all fell.

Meanwhile, like-for-like sales were down 3.5%, in their worst showing in nearly six years.

Internet sales, which have been defying the general downward trend, showed their slowest growth since records began in 2008.
Internet sales were 7.5% higher than a year ago, much weaker than the 10.4% in February.
Clothes and book sales suffered their largest declines since 2009 and 2005 respectively.

Last week, the Bank of England’s Monetary Policy Committee (MPC) kept rates at a record low of 0.5% for the 25th month in a row.

Lavinia Newman, Founder of ABDS says:

“Record falls in High Street sales in March, reported by the British Retail Consortium on Tuesday, could also help to sway opinion on the committee towards holding rates again in May.”

If you need any help and advice on this or a similar matter don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

ABDS of Southampton, for all of your Financial and Business Development requirements.

Tel: 023 8083 6900  E-mail: abds.marketing@netaccountants.net

For a full list of ABDS’ News Briefings go to: www.netaccountants.net

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