A grim stagflationary situation
Nothing seems to be right with UK plc at present - the economic data can’t catch a break. UK retail sales for March, which was one of the wettest on record, fell 0.9% on a monthly basis, near double the decline forecast by analysts. The picture of record high inflation and a cost of living crisis explains this fall in sales (along with the weather). The counterpoint of higher rates being used to target inflation, while necessary, is hardly going to help the UK consumer that is retrenching spending. A grim stagflationary situation that seems to be getting no better.
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