ONS retail data: “UK economy is proving far more resilient than many thought” – reaction

by | Mar 24, 2023

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Following the stronger than expected retail sales data published this morning, Simon Jones of InvestingReviews.co.uk and Samuel Mather-Holgate of Mather & Murray Financial have commented.

Simon Jones, CEO of the investment comparison platform, InvestingReviews.co.uk: “The cost of living crisis has without doubt been weighing down on the consumer over the past year or so but, based on this evidence, the UK economy is proving far more resilient than many thought. Despite countless headwinds, including double digit inflation and rising interest rates, the UK consumer hasn’t gone to ground. The fact sales volumes rose by 1.2%, when the consensus was 0.2%, will leave many economists scratching their heads, but this is positive news for UK plc as we enter the weekend. It’s far too early to say we are in recovery mode given the significant pressures the economy is under but these are promising signs.”

Samuel Mather-Holgate of Swindon-based advisory firm, Mather & Murray Financial: “Well it looks like the Brits are a romantic lot, as sales around Valentine’s Day smashed expected retail non-food expectations. These figures may be revised down slightly, but it’s a promising sign for the high street. However, the latest central bank rate hike this week will stub out this confidence. Though this data is stronger than expected, the UK economy is still on thin ice.”

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