Menu
02/11/2004
CBI urge interest rate freeze following under par retail sales
High street spending lifted in October but overall autumn sales have disappointed retailers, according to the CBI's latest monthly survey.
On the back of the study, which found that retail sales growth has cooled since the summer and the manufacturing recovery was stuttering, the confederation urged the Bank of England to leave interest rates on hold "for the foreseeable future".
Thirty-seven per cent of firms saw sales rise in October, while 26% saw them fall. The balance of plus 11% compares with minus 9% in the September survey and plus 2% in August. Retailers now predict growth at a balance of 12% this month.
But the underlying sales trend - averaging the latest three months' results - is now at its weakest for 18 months. This survey's average sales balance of plus 1% compares with plus 6% for the three months to September and is down from the summer peak of plus 41% for the three months to June.
Retailers now regard their sales as "below normal" for the time of year, having been "above normal" for most of this year, according to the CBI.
John Longworth, chairman of the CBI's distributive trades survey panel, said: "The period of strong spending seen up to the summer is over, with underlying sales growth cooling. Retailers will now be hoping for a boost in the run-up to Christmas. But there is a great deal of uncertainty about the economic cycle and it is unclear how consumer spending will fare in the months ahead.
"An interest rate increase in November would be damaging and there is no need for the Bank of England to consider a further rise for the foreseeable future. Rates are either at their peak now or very close to it. The MPC should reassess the situation in early 2005 when a clearer picture of UK and world growth is available."
The survey covered 20,000 outlets of firms responsible for 40% of employment in retailing.
(gmcg/sp)
On the back of the study, which found that retail sales growth has cooled since the summer and the manufacturing recovery was stuttering, the confederation urged the Bank of England to leave interest rates on hold "for the foreseeable future".
Thirty-seven per cent of firms saw sales rise in October, while 26% saw them fall. The balance of plus 11% compares with minus 9% in the September survey and plus 2% in August. Retailers now predict growth at a balance of 12% this month.
But the underlying sales trend - averaging the latest three months' results - is now at its weakest for 18 months. This survey's average sales balance of plus 1% compares with plus 6% for the three months to September and is down from the summer peak of plus 41% for the three months to June.
Retailers now regard their sales as "below normal" for the time of year, having been "above normal" for most of this year, according to the CBI.
John Longworth, chairman of the CBI's distributive trades survey panel, said: "The period of strong spending seen up to the summer is over, with underlying sales growth cooling. Retailers will now be hoping for a boost in the run-up to Christmas. But there is a great deal of uncertainty about the economic cycle and it is unclear how consumer spending will fare in the months ahead.
"An interest rate increase in November would be damaging and there is no need for the Bank of England to consider a further rise for the foreseeable future. Rates are either at their peak now or very close to it. The MPC should reassess the situation in early 2005 when a clearer picture of UK and world growth is available."
The survey covered 20,000 outlets of firms responsible for 40% of employment in retailing.
(gmcg/sp)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
02 April 2002
CBI survey reveals shop sales remain strong
Retail sales remained strong in March but the annual rate of increase has edged down from the peaks over Christmas and the New Year, according to the CBI's latest monthly distributive trades survey. The survey, released on Tuesday April 2, was conducted between 5 and 20 March 2002 with 268 retail outlets taking part.
CBI survey reveals shop sales remain strong
Retail sales remained strong in March but the annual rate of increase has edged down from the peaks over Christmas and the New Year, according to the CBI's latest monthly distributive trades survey. The survey, released on Tuesday April 2, was conducted between 5 and 20 March 2002 with 268 retail outlets taking part.
16 February 2006
Retail sales slow in January
The underlying rate of retail sales growth slowed in January compared with that seen towards the end of 2005. Analysis of monthly figures by the Office for National Statistics showed that the total sales volume decreased by 1.3% between December 2005 and January 2006, the first month-on-month fall since July 2005.
Retail sales slow in January
The underlying rate of retail sales growth slowed in January compared with that seen towards the end of 2005. Analysis of monthly figures by the Office for National Statistics showed that the total sales volume decreased by 1.3% between December 2005 and January 2006, the first month-on-month fall since July 2005.
18 March 2004
High street sales flat as retail sector slows
The latest monthly figures from the Office of National Statistics (ONS) have revealed that retail sales figures showed no change in the volume of total sales between January and February. The flat High Street sales figures follows a period of strong growth - 1.2% between December and January. Though sales in February were 6.
High street sales flat as retail sector slows
The latest monthly figures from the Office of National Statistics (ONS) have revealed that retail sales figures showed no change in the volume of total sales between January and February. The flat High Street sales figures follows a period of strong growth - 1.2% between December and January. Though sales in February were 6.
15 November 2001
UK retail sales fall in October
The latest figures from the Office for National Statistics (ONS) has revealed that UK retail sales fell by 0.1 per cent in October. Despite the fall in high street sales in October the ONS said the underlying growth rate remains healthy.
UK retail sales fall in October
The latest figures from the Office for National Statistics (ONS) has revealed that UK retail sales fell by 0.1 per cent in October. Despite the fall in high street sales in October the ONS said the underlying growth rate remains healthy.
12 September 2001
New pay monthly offer from One 2 One
Northern Ireland mobile phone users with One 2 One are set to benefit from a restructuring of the phone network’s pay monthly offer. The new changes include the launch of Everyone 100, the first price plan from One 2 One to enable customers to call any UK network for free from their monthly call allowance.
New pay monthly offer from One 2 One
Northern Ireland mobile phone users with One 2 One are set to benefit from a restructuring of the phone network’s pay monthly offer. The new changes include the launch of Everyone 100, the first price plan from One 2 One to enable customers to call any UK network for free from their monthly call allowance.
-
Northern Ireland WeatherThis Evening and Tonight:A fine end to the day with some sunshine, then clear spells overnight. Low cloud could form around some Irish Sea coasts later in the night, or a few fog patches in prone spots.. Minimum temperature 9 °C.
