BCC: Positive retail sales hint at continued recovery
19 Aug 2010
Commenting on the retail sales figures for July, released today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“Last month’s retail sales were stronger than expected and are particularly welcome as they come after a good figure in June, which may have been inflated by World Cup related spending. The figures provide an early indication that economic growth will remain in positive territory during the third quarter of the year.
“However, there is no room for complacency. The economy is still weak, businesses are struggling, and the full impact of the emergency Budget’s austerity measures are yet to take effect. Risks of an economic setback are significant, and it is important for the Government and Monetary Policy Committee to focus on supporting business and securing the recovery.”
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