Retail soars but growth still unbalanced

  • Retail sales volumes in April 2015, up 1.2% on the month, up 4.7% on the year
  • Average store prices fell by 3.2% in April 2015, compared with April 2014

Commenting on the latest retail sales figures for April 2015 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce, said:

“Following a modest setback in March, retail sales have soared in April. These figures indicate that after the slow patch in the economy in Q1, the pace of growth is likely to accelerate in the second quarter.

“Although the spike in retail sales is good news and will strengthen confidence, we must remember that the UK’s economic growth remains unbalanced and is too reliant on consumer spending. Without such rebalancing the pace of activity may eventually stall.

“The new government must place an emphasis on supporting and encouraging more businesses to seek out opportunities for growth in international markets. Only then will the UK be able to achieve sustainable growth in the long-term. ”