Diamond Jubilee Boosts Retail Sales

The Confederation of British Industry ran a survey and the results showed a huge +42 jump in retail sales in June compared to +21 in May.

“The Jubilee provided a much needed boost to our high streets with many families and communities making the most of the bank holiday…however sales were still considered below par for the time of year.” said Judith McKenna, chair of the survey panel.

The retail areas that benefitted most from this consumer spending hike were grocers who saw their strongest sales growth for over 3 years and shoe and leather outlets that had seen their strongest growth ever.

Although this is good news for the economy and shows the spirit of Great Britain, the growth is not set to continue at this high level and the UK’s GDP is not going to radically change anytime soon. July is expected to slow down at +32 even though the Olympics are starting. May also failed to rectify the 2.4% drop in retail sales in April.