Incoming Reeves Tax Rises Blamed for Poor Retail Sales – Guido Fawkes

Incoming Reeves Tax Rises Blamed for Poor Retail Sales

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New figures from the Office for National Statistics show that UK retail sales rebounded by less than expected in June, coming in at 0.9% compared to economists’ expectations of 1.2%. For the warmest June on record that is poor…

This follows a 2.8% contraction in May. Industry commentators at Premier Miton Investors say the shortfall is thanks to the fact “consumers are still more cautious about the future given all the noise around tax increases coming up in the autumn.” Inflation is sitting at an 18-month high and a new GfK consumer confidence report shows yet another decline to -19 for this month. Downward spiral…