Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Retail sales confound doomsters’ predictions
The year-on-year growth in UK retail sales in August, as reported (20 Sep) by the Office for National Statistics (ONS), came in at a surprisingly strong 2.4% despite a backcloth of rising inflation and falling real wages.
Well ahead of expectations, the data shows the UK consumer is still very much alive and kicking and lessened fears of an economic slowdown.
Sales grew 1% from July, against expectations for a muted 0.2% rise. Increased spending in non-food shops like department stores and DIY shops were behind the dramatic improvement.