Press Release Summary: The pressure of high interest rates can be seen on the UK retail market. The retail sales witnessed its weakest growth in the last one year.
Press Release Body: London (loans-bazaar) November 6, 2007: According to figures from the British Retail Consortium, the UK retail sales growth recorded 1% rise year on year in October. It was the weakest growth recorded since November 2006. The Director General Kevin Hawkins held the higher mortgage rates and other pressures on household incomes responsible for the slow retail growth.
The recent developments in the financial market have affected the retail growth. People are cutting down on their expenses to maintain their repayments of mortgages and secured loans. The interest rates on mortgages and other personal loans have registered a rise since the credit crunch hit the UK financial market.
Recently, the Confederation of British Industry also said that retail growth on the High Street was slowing down and retailers have started to feel the pinch.
Mr. Hawkins said: "It points to some challenging trading conditions for many retailers in the run-up to Christmas, which are likely to persist until interest rates are reduced and consumer confidence begins to improve."
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