The Pound has continued to rise against the Euro and US Dollar after Thursday’s retail sales data release smashed economist forecasts giving further support to the UK’s quickening economic recovery.
According to the Office for National Statistics (ONS) retails sales in the UK soared by 1.1% in July. The big rise highlights the increasing speed of the UK’s economic recovery as in June sales advanced by just 0.2%. Economists had been forecasting a 0.6% rise. On a year by year basis the ONS said that retail sales increased by 3% and sales excluding fuel sales rose by 3.1%.
The British Retail Consortium reported last week that its members had enjoyed their best July since 2006 with sales jumping by 3.9% on a year-by-year basis.
The rapid rise in retail sales is the biggest improvement recorded in over two years as the July heat wave boosted the sale of BBQ goods and outdoor goods. The ONS reported that the nation’s supermarkets had seen the sale of alcohol; food and summer clothing all soar over the sunny period.
“We did get feedback from supermarkets that outdoor items … have done particularly well,” an official said.
Also adding to sales was the birth of Prince George which gave Britons another reason to splash their cash on celebrations.
According to the ONS data the average weekly amount spent on retail goods in July was £7 billion, up from the £6.7 billion measured in June.
Current Pound Sterling (GBP) Exchange Rates:
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5578 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1720 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6957 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9235 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6418 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8532 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5892 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5187 >
(As of 10:00 am GMT)
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