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Trade News Archive 2009
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15th June 2009
Retailers told that worst of recession has passed
British retailers can take comfort from the fact that the economy is beginning to stabilise, but growth is unlikely to return until next year.
According to the Confederation of British Industry (CBI), modest economic growth will return to the UK in the first three months of 2010.
The organisation predicted that consumers will find themselves on more stable financial ground in the second half of this year, thanks to low interest rates and quantitative easing - which will encourage them to return to the shops.
Richard Lambert, director-general of the CBI, said: "The world recession has deepened, so it is not surprising that the UK economy has continued to suffer.
"However, the harshest period of the recession looks to be behind us, the economy is stabilising and this should continue during the second half of this year."
Last week, the British Retail Consortium reported that sales fell by 0.8 per cent on a like-for-like annual basis in May 2009, although internet retail continued to enjoy steady growth.
(c) 2009
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