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Home Business News UK retail sales have seen their biggest slump in 24 years

UK retail sales have seen their biggest slump in 24 years

by LLB Reporter

According to data from the British Retail Consortium (BRC) in May the UK high street saw their biggest slump in 24-years due to political uncertainty.

This was the worst fall for the retail sector since January 1995, and on a total basis, sales in May were down by 2.7%.

The BRC said the drop in sales came against a 4.1% rise for the same period in 2018, which was a record in itself.

Non food items dropped by 2.7% on a like-for-like total basis during the three months to May, there was a further decline in footwear, clothing and outdoor goods.

The sales slump risks more job losses in the retail sector and could see more store closures, said Helen Dickinson, BRC chief executive.

Dickinson said, “While May 2018 offered almost unbroken sunshine, topped off by the run up to the World Cup and the marriage of Meghan and Harry, May 2019 delivered political and economic uncertainty.

“With retail conditions the toughest they have been for a decade, politicians must act to support the successful reinvention of our high streets and local communities.

“Business rates remain a barrier, preventing many retailers from investing in their physical space.

“We have a broken tax system, which sees retailers paying vast sums of money regardless of whether they make a penny at the till, and yet the government is failing to act.

“The legislation is falling behind the technological revolution.”

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