By Claire West
Commenting on the retail sales figures for June published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures were stronger than expected, although they may have been artificially inflated by World Cup related spending. Taking the data for the second quarter as a whole, we expect the Q2 GDP estimate to show an improvement in the pace of growth.
“While the recovery in consumer spending is welcome, there is no room for complacency. The economy is still weak, businesses are struggling, and the full impact of the emergency Budget’s austerity measures are yet to take effect. Risks of a setback remain serious and it is important for the MPC and the government to concentrate on supporting business growth and the fragile recovery.”