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| Retailers hit by slower spending | Retailers hit by slower spending |
| (about 2 hours later) | |
| UK retailers saw consumers cut their spending "in earnest" in February, the British Retail Consortium has said. | UK retailers saw consumers cut their spending "in earnest" in February, the British Retail Consortium has said. |
| Like-for-like sales - which exclude new store openings - rose 1.5% last month, down from January's 2.6% rise, as New Year and Christmas bills kicked in. | Like-for-like sales - which exclude new store openings - rose 1.5% last month, down from January's 2.6% rise, as New Year and Christmas bills kicked in. |
| However, on a three-month basis, sales edged up 1.6% from 1.5%, with food showing strong gains. | However, on a three-month basis, sales edged up 1.6% from 1.5%, with food showing strong gains. |
| But the BRC said it was cautious looking ahead and the timing of Mothering Sunday "flattered" the data. | But the BRC said it was cautious looking ahead and the timing of Mothering Sunday "flattered" the data. |
| Spending in the lead up to Mothering Sunday was included in the latest figures, whereas in 2007 it fell in March, said the BRC. | Spending in the lead up to Mothering Sunday was included in the latest figures, whereas in 2007 it fell in March, said the BRC. |
| 'Contest every inch' | 'Contest every inch' |
| "However, the UK food and grocery sector appears more competitive than ever as retailers contest every inch of ground," said Joanne Denney-Finch, chief executive of IGD, a food industry research group. | |
| The chancellor's theme should be a Budget to revive the economy, rather than one piling on new taxes and regulations Stephen Robertson, BRC | The chancellor's theme should be a Budget to revive the economy, rather than one piling on new taxes and regulations Stephen Robertson, BRC |
| But she added that retailers would have to work "extremely hard to entice incremental spend through the vital Easter season". | But she added that retailers would have to work "extremely hard to entice incremental spend through the vital Easter season". |
| But, while the food sector did well, furniture sales dropped sharply - seeing the largest drop since July 2005. | But, while the food sector did well, furniture sales dropped sharply - seeing the largest drop since July 2005. |
| And clothes sales were lower than a year earlier for the fifth month in a row, "despite continued discounting and promotions". | And clothes sales were lower than a year earlier for the fifth month in a row, "despite continued discounting and promotions". |
| Stephen Robertson, director general of the BRC, said the figures illustrated that both retailers and consumers were being squeezed by sharp rises in utility bills and fuel costs. | Stephen Robertson, director general of the BRC, said the figures illustrated that both retailers and consumers were being squeezed by sharp rises in utility bills and fuel costs. |
| In view of the latest figures and ahead of the Budget due on Wednesday, he said: "The chancellor's theme should be a Budget to revive the economy, rather than one piling on new taxes and regulations." | In view of the latest figures and ahead of the Budget due on Wednesday, he said: "The chancellor's theme should be a Budget to revive the economy, rather than one piling on new taxes and regulations." |