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Uk High Street Sales Remain Weak

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Guest uberstuka

http://news.bbc.co.uk/1/hi/business/4738147.stm

UK High Street sales remain weak

Many stores brought forward their summer sale offers

Conditions on the High Street remained tough in July with nearly 50% of retailers seeing a drop in sales volumes, according to a CBI survey.

The CBI found that 29% of retailers reported sales volumes up on the year, while 47% said they were down.

CBI head Sir Digby Jones said the Bank of England should cut interest rates this week to help drive growth.

On the plus side, retailers said there was little effect on sales from the bomb attacks in London on 7 July.

Early analysis showed that the position of retailers appears to have been largely unaffected by the blasts. However, the impact of the second, failed attack will only be evident in the August survey, the CBI said.

Anxiety

It is time for the Bank of England to get off the fence

Sir Digby Jones, CBI director general

The CBI survey of retailers' sales gave a balance of -18, following on from a balance of -19 in June, the lowest since the survey began in 1983.

Retailers have not seen an increase in annual sales since the end of 2004, reflecting continuing anxiety over the state of the housing market, interest rates and tax rises, the survey reported.

However, not all of the retail sector suffered poor sales. The grocery sector remained strong, the CBI said, though not at the pace recorded last year.

The furniture and carpet sector, meanwhile, continued their rapid decline, with sales of clothing, confectionery and tobacco all falling at a "substantially" faster rate than in the previous month.

The CBI's director general, Sir Digby Jones, is urging the Bank of England to move quickly on interest rates.

"As the risk of inflation remains low, a timely cut in interest rates by the Monetary Policy Committee (MPC) on Thursday is essential to maintain growth and consumer confidence," Sir Digby said.

"The argument for a 'wait and see' approach is fading fast. It is time for the Bank of England to get off the fence."

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Yeah, absolutely. After creating the biggest bubble in history, the BoE should now sacrifice savers and the pound in a vain attempt to keep it going.

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We do need to see a consumer led recovery and the only way to achieve this is to make it uneconomic to save, as they did post Sept 11th.

Another tax bounty on savings would do the trick, raising valuable revenue for the housing associations who could then implement the 50/50 part ownership properties.

There are circumstances in any economy where hoarders can disable the country to the benefit of a minority, only a slashing of interest rates coupled with a tax take on selfish hoarders will bring British Business out of the doldrums.

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We do need to see a consumer led recovery and the only way to achieve this is to make it uneconomic to save, as they did post Sept 11th.

Another tax bounty on savings would do the trick, raising valuable revenue for the housing associations who could then implement the 50/50 part ownership properties.

There are circumstances in any economy where hoarders can disable the country to the benefit of a minority, only a slashing of interest rates coupled with a tax take on selfish hoarders will bring British Business out of the doldrums.

So you don't think it's a good idea for young people to save for a pension?

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We do need to see a consumer led recovery and the only way to achieve this is to make it uneconomic to save, as they did post Sept 11th.

With house prices falling faster every quarter,

with a slowing economy (retail, manufacturing and services sectors)

with the beginnings of increased unemployment,

with the highest oil prices we have ever seen,

with unparalleled debt,

with £10 Bn deficit this year,

is it possible that NOTHING can stop an economic catastrophe ?

Edited by justanewbie

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There are circumstances in any economy where hoarders can disable the country to the benefit of a minority

Absolutely, we call them BTL'ers

only a slashing of interest rates coupled with a tax take on selfish hoarders will bring British Business out of the doldrums.

Don't think interest rates will save them now, but I'm all for a tax take against these selfish (2nd, 3rd, 4th, 5th) property hoarders. Lets kick them where it hurts and drive these property prices down.

Less money on your mortgage, equals more money in your pocket, equals more money for the high street. Simple economic sense!!

Edited by Domus

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well gordon needs to make up his defecit somehow.....

HOW MUCH CGT do you think he would get from the BTL's offloading!!....quite a lot methinks.

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CBI head Sir Digby Jones said the Bank of England should cut interest rates this week to help drive growth.

Broken record. Been shouting for rate cuts for years, reult - 1/4 of manufacturing jobs gone.

Some people don't see the bigger problem.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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