Analysts had predicted that consumer confidence was likely to return as Britain headed into Bank Holiday season, but a chillier-than-expected, washed-out April, compounded by an early Easter break meant that green shoots in the economy were as reluctant to emerge as those in garden borders. Set against the backdrop of last year’s retail growth of more than five per cent, this year’s slump should be taken as a reflection of people’s confidence to spend, as well as their capacity to do so.
Anyone getting a new mortgage or having to remortgage is parting with upwards of £200 per month more than they might have been 18 months ago and landlords appear to have carte blanche to charge renters whatever they like. It is therefore not surprising that retailers at the end of the spending line will be feeling the impact - people simply don’t have the same spare income at the end of the month to spend.
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