Retailers demand growth strategy as fears of double-dip recession are realised
Retailers have reacted with dismay to the news that Britain has slipped into recession once again.
Fears of a first ‘double-dip’ since the 1970s were realised as official figures showed the UK’s GDP shrank by 0.2% in the first three months of 2012.
The British Retail Consortium repeated its call for the government to deliver “a credible growth strategy”.
“This looks like being a tougher year than we thought,” said BRC director general Stephen Robertson.
“Whether GDP growth is just above or just below zero doesn’t change the harsh realities facing customers but it will undermine confidence at a time when we desperately need to be going forward not backwards.
“Sunshine helped the retail sector in March and left these GDP figures less negative than they would have been but that cannot disguise the fundamental difficulties faced by households and businesses.”
He added: “If it’s to rekindle recovery, the government must deliver a credible growth strategy. It should halt its tsunami of destructive new regulations and taxes. They are adding costs to individuals and households and can only prolong this new recession.”