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British retail gross sales unexpectedly rose by 1 per cent in February, propelled by a rise at shops in addition to clothes and family items outlets.
Friday’s month-to-month information from the Workplace for Nationwide Statistics confirmed the quantity of products purchased exceeded the 0.4 per cent contraction anticipated by economists polled by Reuters.
Nevertheless the determine fell in need of January’s 1.4 per cent improve.
Retail gross sales rose by 0.3 per cent within the three months to February in contrast with the earlier three months, indicating resilient spending regardless of the backdrop of weak financial development and low shopper confidence.
Grocery store gross sales volumes fell again following a powerful rise in January.
Separate information on Friday confirmed that UK financial system ended 2024 with development of simply 0.1 per cent within the fourth quarter, highlighting the problem the Labour authorities faces delivering on its vows to energise the financial system.
The revised official figures confirmed that over the course of the yr, the UK financial system grew by 1.1 per cent, barely greater than the preliminary estimate of 0.9 per cent. That adopted development of 0.4 per cent in 2023.
Chancellor Rachel Reeves has vowed to kick-start stronger development by easing regulation, overhauling planning guidelines and backing large tasks together with a brand new runway at London’s Heathrow airport.
However the financial system is struggling to realize momentum, with the Workplace for Funds Accountability this week slashing its 2025 development projections to simply 1 per cent.
Friday’s information confirmed that actual GDP per head fell by 0.1 per cent within the fourth quarter — in keeping with the earlier estimate — and was flat over the yr.
It is a creating story
