Following the passing of Queen Elizabeth II in September of last year, retail sales in the UK declined more than anticipated. This reduced activity and increased the strain from rising living costs.
Bloomberg reports that, contrary to estimates of merely 0. 5%, data from the National Statistics Office revealed today, Friday, that the number of products sold in stores and online fell by 1. 4% in September after falling by 1. 7% the month before.
The sales volumes were 10. 2% lower than its level before the spread of the Corona virus, which reflects a decrease in consumer confidence and the high cost of goods that force people to spend more to buy less.
According to George Lagiaris, an analyst at Mazars, “Retaire sales reflect customer concerns about the deteriorating economic scenario quite swiftly.”
According to a different report, the British government’s borrowing climbed more than anticipated in September, confirming the unstable status of the country’s finances even before the disastrous financial plan of outgoing Prime Minister Liz Tros went into effect.
The National Statistics Office estimates that the month’s deficit was 20 billion pounds (22. 4 billion dollars), significantly higher than the 17. 5 billion pounds that experts had predicted.
According to a study released earlier today, Friday, by GFK, the Ltd., consumer confidence was still close to its all-time low in October. .
After the death of the Queen, retail sales in the United Kingdom fall more than anticipated.
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