Retailers Experience 1.3% Jump in Sales, Exceeding Predictions
Last month, shop sales in the UK received a significant boost thanks to Black Friday discounts. Retailers saw a jump of 1.3%, the best increase in 18 months and well above the predicted 0.4%.
Economic Figures Reveal Shrinkage, Raising Recession Fears
However, revised figures by the Office for National Statistics have shown that the UK economy actually shrank by 0.1% in the third quarter of this year, instead of remaining unchanged. Additionally, it did not grow in the second quarter as previously thought, but instead decreased by 0.2%.
Various Industries Face Weaker Performances
Director Darren Morgan attributes this economic setback to weaker performances in small firms, hospitality, IT, engineering, design, film, and telecom companies.
Possible Recession if Economy Continues to Shrink
If the economy continues to shrink in the final quarter of the year, the UK will officially be in a recession.
Chancellor Jeremy Hunt Remains Optimistic
Despite the concerning economic figures, Chancellor Jeremy Hunt remains optimistic about the growth outlook. He believes that the numbers do not accurately reflect the current situation and points to the recent fall in inflation as a positive sign.
Economist Warns of Potential Recession
Simon French, chief economist at Panmure Gordon, warns that the UK is in a precarious position and may face a recession despite the boost from Christmas spending, improved consumer confidence, and stronger car production. He describes the current situation as "squeaky bum time" for avoiding a recession.
Did you miss our previous article…
https://hellofaread.com/money/shoppers-disappointed-as-rowntrees-discontinues-beloved-sweet/
