Interest rate cut taking time to help
A week on from an interest rate cut, the British Retail Consortium (BRC) has published sales figures that show last month was the worst July for retailers in a decade.

According to the BRC's Retail Sales Monitor, run in conjunction with KPMG, UK sales in July fell 1.9 per cent on a like-for-like basis and rose 2 per cent in total.

The month compared badly with June, caused by cooler, wetter weather, the BRC said. However, clothing sales on the brighter days helped to offset difficult trading in other retail sectors.

BRC director-general Kevin Hawkins said: 'Despite relatively short bursts of good weather and continued discounting by many retailers, the downward trend in like-for-like sales has worsened. While the recent cut in interest rates is obviously welcome, it will take several months for there to be any significant effect on consumer spending. More cuts are needed between now and Christmas.'

Topics