Due to an increase in inflation, the retail industry is suffering a slump in sales and it’s been the worst for nearly seven years.
According to official figures, the sales volume had grew by a better than expected 1.4% in February but the underlying pattern noted to the impact of increased fuel prices and how that was affecting shoppers’ disposable income.
The three months leading up to February showed that sales were down by 1.4% which is the worst decline since March 2010 (according to data from ONS). These figures point to the issues that the high street is facing and come as Next reported that it had it’s first decline in sales since 2009.
Figures from last week show that inflation was at a three and a half year high in February as the collapse of the pound since Brexit has affected import prices.
ONS senior statistician Kate Davies said: “February’s retail sales figures show fairly strong growth, though the underlying three month picture shows falling sales.
“The underlying trend suggests that rising petrol prices in particular have had a negative effect on the overall quantity of goods bought over the last three months.”
ONS data also shows revealed that average prices at petrol stations was up 18.7% in comparison to the same month last year.
Spending by shoppers as remained steady and people are still shopping even though there have been signs of retail sales wilting.
HSBC economist Liz Martins said: “For the optimists, the fact that this bounce was considerably stronger than expected may suggest the slowdown over the winter months was temporary, and the UK consumer remains in good shape.
“For the pessimists, the fact that volumes fell at their fastest three month-on-three month rate since 2010 will put a dampener on the better news.
“We remain cautious.”
Howard Archer, chief UK and European economist for IHS Markit, said: “The economy’s persistent resilience since last June’s Brexit vote has been largely built on consumers keeping on spending.
“With consumers now seemingly moderating their spending, the long anticipated slowdown in the economy looks set to materialise unless other sectors can make significantly increased contributions.”
If you’re looking for help with your shop insurance, then why not contact the team at Todd and Cue on 0191 482 0050.
The car giant VW has started to recall affected cars. Click here to read our product recall documents or click here to read the full BBC article.
Gateshead-based Todd and Cue has become the North East’s first, independently owned insurance broker to be granted chartered status.
Todd and Cue, which specialises in commercial business insurance and risk management, has been awarded the Chartered Insurance Brokers title by the Chartered Insurance Institute (CII).
The title is only awarded to companies which meet rigorous criteria relating to professionalism and capability and is a major endorsement for the business, which is headquartered at Kingfisher House, Kingsway North, Team Valley Trading Estate.
Read the full article at https://bdaily.co.uk/finance/15-06-2015/independent-gateshead-insurance-broker-granetd-chartered-status/
We are exhibiting at the North East Expo on Team Valley today…. come along and see if we can help you
From 8th June 2015, the paper counterpart to the photocard driving licence will not be valid or have any legal status. The DVLA will stop issuing paper counterparts and are advising drivers to destroy existing copies.
The information currently found on the counterpart of the driving licence will be available through an online service on the DVLA website – Share Driving Licence. Here customers will be able to view their driving record, and share it with other third parties quickly.
This will mean the end of lost or damaged paper counterparts and delays in requesting copies from the DVLA. The new service is easy to use and is accessible ‘on-the-go’ from a smartphone or tablet. Using this new service, customers should be able to obtain a copy of their licence information that they can share with third parties in less than a minute.
Alternatively, customers can use Share Driving Licence to generate a licence check code. They can send this with their driving licence number and you will be able to download their information for them. Customers who don’t have internet access can get a licence check code by telephoning the DVLA. Licence check codes are case sensitive, only valid for 72 hours after they are created and can only be used once.
This new service is free to use and there are no pre-registration requirements. You can try the new service at www.gov.uk/view-driving-licence.