BCC: Positive Retail Sales Hint At Continued Recovery
23rd August 2010
Commenting on the retail sales figures for July, released last week by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
"Last month's retail sales were stronger than expected and are particularly welcome as they come after a good figure in June, which may have been inflated by World Cup related spending. The figures provide an early indication that economic growth will remain in positive territory during the third quarter of the year.
"However, there is no room for complacency. The economy is still weak, businesses are struggling, and the full impact of the emergency Budget's austerity measures are yet to take effect. Risks of an economic setback are significant, and it is important for the Government and Monetary Policy Committee to focus on supporting business and securing the recovery."
Jack Stopforth, CEO of Liverpool Chamber of Commerce explained: "We have seen the expansion of Liverpool's retail offer cushion the city from the worst of the downturn throughout 2009 and 2010. This Christmas is going to to be crucial with VAT increases in January and we are in consultation with out members and Liverpool City Council to ensure that we can enable the city's retail sector to remain as healthy as possible in the coming months."
For further information please contact the BCC press office on 020 7654 5813 or 07825 746812.
Year on year, the volume of retail sales in July was 1.3 per cent higher than in July 2009. You can see the full retail sales figures here.
