High street boost for economy - Economy - News - Moneyfacts


High street boost for economy

High street boost for economy

Category: Economy

Updated: 16/11/2009
First Published: 16/11/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Retailers have received some welcome encouragement after sales in London in October increased 4.2% on a like for like basis compared with a 2.6% fall seen a year earlier.

According to the British Retail Consortium, footfall also improved as a combination of unseasonably mild weather, half term holidays and Halloween gave people reasons to go out.

Although growth in food sales weakened slightly, homeware stores benefited from better consumer confidence and housing market news.

The mild weather meant that clothing and footwear stores struggled during the month.

"These are the first solid signs that it will be a better retail Christmas than 2008. London sales were well up on the dismal performance of a year ago and outperformed the rest of the UK, though not to quite the same extent as in recent months," said Stephen Robertson, Director General of the British Retail Consortium.

"The next few weeks will be crucial for retailers but these latest figures should hopefully be cause for greater optimism," added Helen Dickinson, Head of Retail at KPMG.

Find the best credit card for you - compare credit cards

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Base rate remains unchanged in surprise decision

Earlier today, the Bank of England’s rate setting committee announced that it had voted decisively to keep base rate on hold at its record low of 0.5%. But what does it mean for you?

Budget 2016 – an overview

Well, George Osborne has just revealed the Budget for 2016 – his eighth so far as Chancellor – and as ever, there were some winners and losers from the whole thing. Below is a quick overview of the key points.

What does a US Fed rise mean for the UK?

The US Federal Reserve has decided to raise interest rates, and although you may not think that financial events happening in the US will have much of an impact on UK soil, you may be surprised…