British retail spending slows, house prices fall
Source: Agencies |
August 11, 2010, Wednesday
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Print Edition
Print Edition
RETAIL spending in Britain slowed in July and house prices fell as looming public spending cuts slowed the country's economic recovery, according to figures released yesterday.
The British Retail Consortium said retail sales grew 0.5 percent in July compared to a year ago, down from a 1.2 percent hike in June.
The group said non-food items such as homewares and furniture were the worst affected as wary consumers focused on essential purchases. "Talk of public spending cuts is unsettling customers and they are concentrating on essentials," said the consortium's director-general, Stephen Robertson.
A separate report from the Royal Institution of Chartered Surveyors suggested house prices are falling again after a year of recovery.
The group said 8 percent more of its members reported a slump than a rise in property prices in July, the first time since July 2009 that the survey has found an overall fall.
The British Retail Consortium said retail sales grew 0.5 percent in July compared to a year ago, down from a 1.2 percent hike in June.
The group said non-food items such as homewares and furniture were the worst affected as wary consumers focused on essential purchases. "Talk of public spending cuts is unsettling customers and they are concentrating on essentials," said the consortium's director-general, Stephen Robertson.
A separate report from the Royal Institution of Chartered Surveyors suggested house prices are falling again after a year of recovery.
The group said 8 percent more of its members reported a slump than a rise in property prices in July, the first time since July 2009 that the survey has found an overall fall.
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