Even though it's hard to believe the UK's economy is bouncing back, here's something to raises one's spirit. The Confederation of British Industry (CBI) has announced that high street sales are growing at their fastest rate since the economic crisis began.
Is this a good indication that, even though it is not yet here, recovery is not far over the horizon? Or are families voting with their credit cards for a happy Christmas and shopping for presents, regardless?
The CBI conducted a survey of over 20,000 retail outlets and found that, of those surveyed, 41% said that sales volumes for the year to October had risen, while 33% said that they were down. The resulting balance of +8% was the highest since December 2007, when the balance was also +8%. Given that in August the figure was -16%, this news is more than welcome.
An increase in retail sales is undoubtedly good for the British economy and a boost to SMEs in that sector. It is a sure indication that consumers are once again spending their money.
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