The growth in retail sales last month was at its most impressive for three years. According to the Office for National Statistics, sales increased by 6.3 per cent in September compared with the same period a year ago. This represents the largest rise since September 2004. One reason for the surge in high street activity has been competitive price cutting from many retailers. Although spurred on by the heavy discounting, the rise in spending suggests that, so far at least, consumer confidence has not been dented by the recent turmoil in the financial markets. However, experts believe that such a strong showing in retail sales may dissuade the Bank of England from reducing interest rates for a while longer. Date:19 October 2007
Content by: Made Simple Group
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