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News - 16 August 2013

Retail sales up in July

According to the Office for National Statistics (ONS), retail sales in the Uk jumped by 1.1% in July, up 3% compared to last year making it the fastest annual rise since January 2011.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“According to the report, good weather had helped generate increased sales at supermarkets where sales rose 2.5% between June and July.”

The retail industry accounts for about 5.7% of the economy.

There is increasing confidence that the economic recovery is strengthening after it grew by 0.6% in the second quarter of the year.

On Wednesday, official unemployment figures showed that the number of those out of work is continuing to fall, although by just 4,000.

Meanwhile, the governor of the Bank of England, Mark Carney, has suggested that interest rates will remain at record lows for the foreseeable future.

If you need any help and advice on SME or the retail industry strategy, contact Lavinia Newman or Peter Ham now to discuss how ABDS can help bring their experience to these matters.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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