BOE may spur moves on dismal retail sales
Source: Agencies |
May 24, 2012, Thursday
|
Print Edition
Print Edition
RETAIL sales fell sharply in Britain during the wettest April in a century, official data showed yesterday, a piece of bad economic news which analysts say could help prod the Bank of England to approve more monetary stimulus.
The Office for National Statistics said the volume of sales in April dropped 2.3 percent from March and 1.1 percent from a year earlier. Comparisons with last year were skewed by warm weather in 2011 and the wedding of Prince William and Kate Middleton, which had combined to boost spending, the agency said.
Special factors aside, the April sales drop weighs down on hopes that Britain's economy will break out of recession in the second quarter, said Howard Archer, European economist for IHS Global Insight.
"It is evident that there are currently a lot of pressures on consumers as they face uncertain and worrying times," Archer said.
The weak figures - combined with a sharp drop in inflation in April to 3 percent - have fueled expectations the BOE will have to approve more monetary stimulus this year. On Tuesday, the International Monetary Fund urged both the coalition government and the central bank to do more to boost economic activity.
Minutes from the last meeting of the BOE's Monetary Policy Committee showed that several members thought the factors for and against more stimulus were "finely balanced," though only one of the nine members voted to expand the 325 billion pounds (US$510 billion) stimulus program of asset purchases, known as quantitative easing.
The Office for National Statistics said the volume of sales in April dropped 2.3 percent from March and 1.1 percent from a year earlier. Comparisons with last year were skewed by warm weather in 2011 and the wedding of Prince William and Kate Middleton, which had combined to boost spending, the agency said.
Special factors aside, the April sales drop weighs down on hopes that Britain's economy will break out of recession in the second quarter, said Howard Archer, European economist for IHS Global Insight.
"It is evident that there are currently a lot of pressures on consumers as they face uncertain and worrying times," Archer said.
The weak figures - combined with a sharp drop in inflation in April to 3 percent - have fueled expectations the BOE will have to approve more monetary stimulus this year. On Tuesday, the International Monetary Fund urged both the coalition government and the central bank to do more to boost economic activity.
Minutes from the last meeting of the BOE's Monetary Policy Committee showed that several members thought the factors for and against more stimulus were "finely balanced," though only one of the nine members voted to expand the 325 billion pounds (US$510 billion) stimulus program of asset purchases, known as quantitative easing.
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