Retail slowdown 'hammering' manufacturing, say Lib Dems
9.00.00am BST (GMT +0100) Fri 23rd May 2003
|
Matthew Taylor MP, Lib Dem Shadow Chancellor of the Exchequer
|
UK retail sales out today show that manufacturing and investment are taking a hammering, says Liberal Democrat Treasury spokesman Matthew Taylor.
A small rise in April records the lowest annual growth rate for nearly four years, according to the latest set of official figures from the Office for National Statistics.
Sales volumes grew by 0.3 per cent in April from March while sales of clothing and footwear were hit particularly hard, falling by 0.5 per cent during April. The rise gives an annual growth rate of 2.7 per cent the lowest since May 1999.
The figures add to the growing evidence that the consumer boom of the past couple of years is now coming to an end, confirming remarks by Bank of England Governor Sir Edward George who said earlier this week that a spending slowdown 'appears to be underway'.
Mr Taylor said, "After manufacturing and investment took a hammering last year there was always the risk that consumer"
"borrowing would not continue to support retail sales growth. "
"That now appears to be happening. Gordon Brown's optimistic growth forecasts look more unrealistic by the day."
[Print this story]
[Previous story]: ONLY GOVERNMENT CONSENSUS ON EURO IS DITHER & DELAY - TAYLOR (Fri 23rd May 2003).
[Next story]: THE GOVERNMENT IS OVERDRAWN ON ITS BANKING PROMISE - CABLE (Fri 23rd May 2003).
[Other news stories from May 2003 (38)]
Printed and hosted by Prater Raines Partners, 16 Riviera Court, Sandgate High Street, Folkestone CT20 3RP.
Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB.
The views expressed are those of the party, not of the service provider.
|