Britain's economy is being bolstered by consumers due to a strengthening in the housing market, pay increases & bonuses, subsiding inflation, and the low interest rates.Britain's economy is being bolstered by consumers due to a strengthening in the housing market, pay increases & bonuses, subsiding inflation, and the low interest rates.
The pound previously at $1.6570 has risen to $1.6627. Yet for some like Alan Clarke, an economist from Scotiabank, it is thought that this kind of growth cannot be sustained.
Policymakers have indicated that for a recovery to last, spending will need to expand beyond retailers into investments and exports. The head Britain retailer, Next, has issued a statement that the growth has been prompted through an unsustainable increase in consumer borrowing. The Bank of England has recognized the surging housing prices in London and made has preparations to help rein in the dangers of lending at the current pace.
While the retail sales growth has slowed in the last month, most believe it is a result of a later Mother’s Day and Easter occurring in the year but have confidence that all sales figures will rebound in April.