British consumers failed to increase their spending in December for a record fifth month in a row, adding to signs of a weakening economy that might prompt the Bank of England to cut interest rates this month.
British shoppers cut back on spending in late 2019, rounding off the worst year since the mid-1990s for retail sales, said the BRC, which blamed uncertainty about Brexit and last month's election for the slump.
Online retailers are not immune to the devastation that is happening in UK retail at the moment and a new study said that more than 9,000 online retailers are suffering from significant financial distress.
Prime Minister Boris Johnson’s government plans to introduce a 50% discount in business rates for Britain’s small retailers to boost struggling high streets and pledged a “fundamental review” of the whole system.
British shoppers picked up the pace of their spending last month - excluding distortions caused by the timing of Black Friday - as they took a break from worrying about Brexit, a survey showed on Tuesday.
Last week’s Brexit deal and the pulling of Saturday’s Parliamentary vote have left the UK retail sector back where it has been for the last three+ years, facing an uncertain future as consumers shun unnecessary spending.