28-01-2011, 12:06
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#54
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Inactive
Join Date: Aug 2008
Location: Liverpool
Services: VM XL TV with VM TiVo 1TB x 2 > VM XL BB > VM XL Telephone
Posts: 8,384
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Re: 'Shock' Contraction in the UK economy
More bad news for the coalition...
http://www.bbc.co.uk/news/business-12306336
Quote:
The confidence of UK consumers in the economy and their finances has suffered its biggest monthly drop in almost 20 years, a survey has suggested.
Rising VAT was a key factor behind the "astonishing" confidence fall, the GfK NOP Social Research report said
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Quote:
On Friday, analysts said that the rise in VAT appeared to be a key factor in declining weekly sales at department store John Lewis, which fell 2.2% on the same week a year earlier.
"The slowdown in John Lewis sales is particularly notable as the company has been clearly out-performing the retail sector as a whole," said IHS Global Insight economist Howard Archer.
"The John Lewis figures suggest that consumers are becoming increasingly less prepared, or less able, to spend as higher inflation and muted earnings growth squeezes their purchasing power."
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