The green shoots of economic recovery woke up to a winter chill today(17 December 2009) as figures showed retail sales last month fell at their fastest pace since May .
The Office for National Statistics(ONS) said retail sales volumes fell 0.3% in November despite predictions for a rise of 0.4%.
Richard Lowe, head of Retail and Wholesale, Barclays expressed surprise at the downturn.
He said: “The ONS figures are surprising considering general expectations of rises in sales figures over the past month coupled with innovative strategies being adopted by retailers this Christmas season.
“More contemporary survey evidence suggests sales have improved in December, although it remains to be seen to what extent the prospect of a rise in VAT on 1 January has displaced demand for big ticket items from future periods.”
