The latest research has found that retailers in the U.K. saw only a small increase in sales during the second month of the year over concerns regarding the country’s economic outlook, according to The Daily Telegraph. On Monday, BDO reported that data from 70 retailers and 10,000 stores in the U.K. showed that like-for-like sales increase by only 0.3% in February. The group called the monthly data “ugly” and said due to concerns over austerity measures, February was forecast “to be the toughest month in a tough quarter,” according to BDO head Don Williams. Last week, year-over-year retail sales were found 5.2% lower.
Meanwhile, the Confederation of British Industry urged political leaders to stimulate growth for mid-cap companies in order to boost job growth ahead of looming government spending cuts, according to Financial Times. The employers’ group proposed creating a new corporate bond market for mid-caps and for the reversal of a £1 billion “stealth tax,” calling mid-caps “forgotten army” for development and growth. The CBI’s push comes as spending cuts threaten the country’s uneven economic recovery, in addition to laying-off a large number of government workers.
Click here to read the story on retail sales from The Daily Telegraph.
Click here for coverage of the CBI report from Financial Times.