According to a survey conducted by BDO accountancy firm, August retail sales in the UK was the worst since 2008’s global financial crisis.
Figures show a 4.3% drop on year-on-year August sales and this has been the sixth drop this year, with fashion dropping 5.5%, lifestyle goods dropping 1.3% and homewares dropping 3.3%.
Markit, a financial data company has indicated that Britain’s services sector has had the slowest development in over two years, which now has the Bank of England considering putting up interest rates, although this might not take place until 2016.
Head of retail and wholesale at BDO, Sophie Michael, said: "The high street was losing out as UK consumers opted to spend their disposable income on leisure pursuits, eating out and holidays," adding "The strength of the pound has encouraged Brits to spend more abroad rather than in the UK, however, that the last week of August was cold and wet enough to make people think about autumn, helping to provide a sales uplift for fashion retailers that week.”
