Data signal UK's exit from crisis continues
Source: Agencies |
June 18, 2010, Friday
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Print Edition
Print Edition
RETAIL sales in Britain rose 4.4 percent in the year to May while vehicle production soared by 59 percent, two reports said yesterday, suggesting the economic recovery from a deep recession is continuing for a third quarter.
The figures indicate consumer spending is holding up better than expected, though the outlook is clouded by looming cuts in public expenditure and possible tax hikes.
The Office for National Statistics said retail sales rose 0.4 percent from April to May, but half of that gain reflected rising prices for gas.
Vicky Redwood, economist at Capital Economics, said sales in the second quarter were on course for a strong rise.
"But with consumer incomes about to be hit by tax rises and cuts in public sector employment and wages, we doubt that this resilience will last," Redwood said.
The figures indicate consumer spending is holding up better than expected, though the outlook is clouded by looming cuts in public expenditure and possible tax hikes.
The Office for National Statistics said retail sales rose 0.4 percent from April to May, but half of that gain reflected rising prices for gas.
Vicky Redwood, economist at Capital Economics, said sales in the second quarter were on course for a strong rise.
"But with consumer incomes about to be hit by tax rises and cuts in public sector employment and wages, we doubt that this resilience will last," Redwood said.
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