Last month over the UK retail sales dropped by 1.4% according to the Office for National Statistics (ONS).
The decline reduced year-on-year volume growth to 0.2% from 2.4% in April, a figure which itself was revised down from 2.8%.
The ONS blamed the series of bank holidays and the Royal Wedding, saying April’s special events had affected the figures. But they did add that consumers cutting back as a result of increasing fuel prices and uncertainty over pay and job security also had an impact.
Now I remember them telling us that the Royal Wedding would increase sales and boost the economy, even if it was only people buying loads of drink to celebrate with. What happened to that theory then?
Very worryingly, food store volumes fell by 3.5% but the value of sales rose by 1.7% per cent, with retailers raising prices by 5.3% to make up the money lost.
So much for inflation being 4.5%.
Furniture, electrical goods and DIY shops also saw volumes decline sharply, with a 6% drop in May.
To add to the woes of bad figures, car production fell by 5%, as did commercial vehicle production.
Not for the first time, ahead of the summer season of strikes, I am wondering if Mr Osborne has the foggiest idea what he is doing. Of course that does NOT mean to imply in any way that I’d like to see Balls at the financial helm. He who helped Gordon Brown, with his “Torier than Thou” economic policy of allowing banks and finance houses to do whatever it took to get rich. No, I’d like to see John Swinney in charge of finances. He’s a man who can make an English pound go a long, long way.
And yes, I know it was worldwide meltdown, except of course it wasn’t, was it? Because there are any number of countries which it seems to have missed completely, including Norway, Australia and Canada, and many more which are recovering fast from the mess they got into, including the UK government’s favourite fall guy, Iceland.
Scotland might not have missed the 2008 crash had it been independent, but under Mr Swinney it would by now be making a rapid recovery.
The decline reduced year-on-year volume growth to 0.2% from 2.4% in April, a figure which itself was revised down from 2.8%.
The ONS blamed the series of bank holidays and the Royal Wedding, saying April’s special events had affected the figures. But they did add that consumers cutting back as a result of increasing fuel prices and uncertainty over pay and job security also had an impact.
Now I remember them telling us that the Royal Wedding would increase sales and boost the economy, even if it was only people buying loads of drink to celebrate with. What happened to that theory then?
Very worryingly, food store volumes fell by 3.5% but the value of sales rose by 1.7% per cent, with retailers raising prices by 5.3% to make up the money lost.
So much for inflation being 4.5%.
Furniture, electrical goods and DIY shops also saw volumes decline sharply, with a 6% drop in May.
To add to the woes of bad figures, car production fell by 5%, as did commercial vehicle production.
Not for the first time, ahead of the summer season of strikes, I am wondering if Mr Osborne has the foggiest idea what he is doing. Of course that does NOT mean to imply in any way that I’d like to see Balls at the financial helm. He who helped Gordon Brown, with his “Torier than Thou” economic policy of allowing banks and finance houses to do whatever it took to get rich. No, I’d like to see John Swinney in charge of finances. He’s a man who can make an English pound go a long, long way.
And yes, I know it was worldwide meltdown, except of course it wasn’t, was it? Because there are any number of countries which it seems to have missed completely, including Norway, Australia and Canada, and many more which are recovering fast from the mess they got into, including the UK government’s favourite fall guy, Iceland.
Scotland might not have missed the 2008 crash had it been independent, but under Mr Swinney it would by now be making a rapid recovery.
Thanks for your tip at my bit, shall try that later.
ReplyDeleteConan
tris
ReplyDeletewelcome to tris economic blog
Osborne like Cameron couldnt give a toss about the economy the British people or what the future holds(well his like Camerons is totally secure)
He and the other etonians are just playing the game just the same as at Eton only its much bigger and more fun.
For them its a vanity project rule the plebs have a little war(get some squaddies dead) have a cup of tea with her Maj............honors here and there limos armed bodyguards like fecking film stars in a real movie have a meeting and the civil servants have got to listen to you yeah really they do
its just a fecking great laugh back where they belong ruling the great unwashed.
its fine life and no mistake for Multi millionaire Old Etonians
Were I to deduce any system from my feelings on leaving Eton, it might be called The Theory of Permanent Adolescence. It is the theory that the experiences undergone by boys at the great public schools, their glories and disappointments, are so intense as to dominate their lives and to arrest their development. From these it results that the greater part of the ruling class remains adolescent, school-minded, self-conscious, cowardly, sentimental, and in the last analysis homosexual.”
That's not a bad analysis Niko.
ReplyDeleteLet us know how you get on, Conan.
ReplyDeleteI blame the English public school system.
ReplyDeleteIt is compulsory to suffer pain and deprivation (proof of the former can be seen in their sexual predilections and the latter in their evangelic dogma of forcing the peasants to suffer economic deprivation {to the point of pain, although they themselves are above that}for our betterment).
Maybe we should give serious consideration of turning the Palace of Westminster into a mega bordello of deprivation, pain and pleasure?
Different levels, different floors, different Houses?
Thanks Niko, for once we are on the same sheet.
ReplyDeleteOh your Lordship. I though Gidders was just asleep... but now you've suggested it, he does look rather pleased with himself.
ReplyDeleteI suppose your suggestion would keep them from doing any more harm. It certainly seems to me that at the moment every time they open their stupid mouthes someone else's life falls apart.
If they were all tied up and caned, that would distract them from the path of distruction that they (and Labour) seem happy to follow.