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BCC: Retail Sales Continue to Rise but UK Growth Remains Unbalanced

  • Retail sales volumes in May 2015, up 0.2% on the month, up 4.6% on the year
  • Average store prices fell by 2.7% in May 2015, compared with May 2014

Commenting on the latest retail sales figures for May 2015 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce, said:
“These figures confirm that retail sales continue to expand steadily. With rapid annual growth of 4.6% in sales it is clear that consumer spending remains the main driver of the UK economy.

“Although vibrant household consumption is vital to the economy’s well-being, we must remember that the UK’s economic growth remains unbalanced and is too reliant on consumer spending. Unless we can achieve a rebalancing in the structure of our growth, there is a risk that the recovery may eventually stall.

“The government must place more emphasis on supporting and encouraging more businesses to seek out opportunities for growth in international markets. Only then will the UK be able to achieve sustainable growth in the long-term.”

Last modified on Friday, 19 June 2015 11:46

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