Retail spending expectations softened, however, with anticipated personal spending on retail easing to 6 in December from 8 in November. In contrast, expectations for overall personal spending increased to 17 from 14, indicating selective caution among households. Meanwhile, expectations around personal saving deteriorated, falling to -9 in December from -5 a month earlier, BRC said in a press release.
“With the Budget not as bad as feared for households, confidence saw a slight uptick in December. Yet the overall picture remains gloomy, with confidence in the economy stuck below -30 for eleven out of last twelve months. Expectations for retail spending continued to slide for the third consecutive month, proving challenges remain in the year ahead,” said Helen Dickinson, chief executive of BRC.
“Government needs to pull the levers of growth, tearing down red tape and bureaucracy to allow businesses to flourish and create more jobs. From the Employment Rights Bill to rules on less healthy foods, the Government must consider the cumulative impact of its policies on business, ensuring new regulations are workable and do not punish responsible businesses,” added Dickinson.
ALCHEMPro News Desk (SG)
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