play_arrowRADIO ROXI TIMELESS TUNES
British retailers saw sales rise last month after a boost from Euro 2024 and summer discounting, official figures show, in a further sign of a growing economy.
The Office for National Statistics (ONS) said retail sales grew 0.5% last month, after contracting 0.9% in June.
Money blog: Fines for parents taking children out of school
The increase was thanks to discounts in sports equipment shops and department stores as the Euros football tournament drove purchases, the ONS added.
High street retailers said sales of football shirts, electronics such as TVs and alcoholic drinks were all stronger during England’s journey to the Euros final.
The dip in June buying was attributed to election uncertainty, poor weather, and low footfall. It was less steep than first thought, however, as the 0.9% contraction was revised up from 1.2%.
Why does it matter?
Retail sales figures are significant as household consumption, measured by the data, is the largest expenditure across the UK economy. They can also help track how consumers feel about their financial position and the economy more broadly.
The latest ONS release caps off a week of announcements which illustrated an economy with lower inflation and more growth than the last two years, while wages grow faster than the overall pace of price rises.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
Ed Sheeran has bought a 1.4% stake in Ipswich Town, it has been revealed.The singer - who has sponsored the team's shirts since 2021 - has signed on as a "passive" investor and will not become a board member, the football club confirmed. However, as part of the deal, Sheeran will receive perks such as the long-term use of his own personalised executive box at the team's Portman Road stadium.It […]
copyright 2023 Radio Roxi
Post comments (0)