"Consumers, struggling to balance their household budgets, remain reluctant to spend…"
- Stephen Robertson, BRC director general
The U.K. retail sector contracted in April, compared to the same period last year. Retail sales tumbled 3.3 per cent hurt by the wet weather, the British Retail Consortium said on Wednesday.
"Consumers, struggling to balance their household budgets, remain reluctant to spend unless they really have to and the weakening economy is likely to mean people are even more cautious about their finances," said BRC director general Stephen Robertson.
"If the Monetary Policy Committee (MPC) wants to expand quantitative easing, it has no shortage of justifications," said Simon Hayes, an economist at Barclays Plc in London.
Still, inflation pressures add to signs the MPC may "prefer to hold fire unless a fresh crisis, or more prolonged weakness in demand, makes the case for QE irresistible."
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