UK Retail Sales Fall
19 / Jun / 2009
British retail sales fell in May, major lenders have slashed credit lines to firms and export demand slumped at its sharpest rate in more than a decade, taking the shine off recent optimism about economic recovery. There have been signs Britain could emerge from recession before any other big economy, with some forecasters saying the recession may even have ended this quarter, but policymakers are much more cautious and expect a sluggish return to growth. As such, there has been speculation that the Bank of England could expand its 125 billion pounds asset-buying programme. The Office for National Statistics said on Thursday retail sales fell 0.6 percent in May after a 0.9 percent rise in April and below forecasts for a reading of 0.4 percent growth. Sales were 1.6 percent lower than a year ago.