Thursday, June 19, 2008
Squeeze, what squeeze?
Mervyn King stated last night that take-home pay would stagnate making life difficult for some families but figures from the Office for National Statistics (ONS) regarding retail sales paint a rosy picture indeed. Year on Year (YoY) sales were up 8.1%, the fastest rate since April 2002. Figures produced by the ONS are viewed by many as highly dubious but the ONS figures are echoed by the British Retail Consortium (BRC). Personally I know many people feeling the pinch so I'm surprised by the figures. Is this simply the punter indulging in some "retail therapy" to cheer themselves up or is there simply enough cash sloshing around?