BUSINESS LIVE: Consumer confidence is improving as retail sales grow
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‘The British economy appears to be in reasonable shape, given everything that is coming its way’
Neil Birrell, Chief Investment Officer at Premier Miton Investors:
‘UK retail sales for August came in largely as expected, which will please the Bank of England following its decision to leave interest rates unchanged yesterday.
‘With inflation falling below expectations earlier this week, strong consumer spending would not have been welcome.
‘The UK economy appears to be in reasonable shape given all that is coming its way and keen eyes will remain on the data as we monitor the impact of any rate hikes we have seen.’
Consumer confidence is improving as retail sales grow
New data shows UK consumer confidence has improved to its strongest level since early 2022, while separate figures show retail sales rose last month thanks to better weather conditions.
The GfK consumer confidence indicator rose for the second month in a row to -21 in September, the highest since January last year, from -25 in August, although it remained below the average of -10 for the survey, which has been conducted since 1974 runs. .
Economists had predicted a drop to -27.
Data from the Office for National Statistics shows that retail sales in Britain grew by 0.4 percent in August, narrowly missing forecasts of 0.5 percent growth.
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