UK retail sales rebound in May, public debt passes 100% of GDP | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Friday
June 09, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
FRIDAY, JUNE 09, 2023
UK retail sales rebound in May, public debt passes 100% of GDP

Global Economy

Reuters
19 June, 2020, 03:30 pm
Last modified: 19 June, 2020, 03:35 pm

Related News

  • Britain to host first global summit on artificial intelligence safety
  • UK keen to hire nurses from Bangladesh, invest in education
  • Civil society orgs demand 3.2% of GDP for climate financing
  • GDP growth forecast 7.5% for FY2024
  • More revenue must to raise budget spending to 25% of GDP

UK retail sales rebound in May, public debt passes 100% of GDP

Bank of England Governor Andrew Bailey said on Thursday the economy appeared to be shrinking a bit less severely in the first half of 2020 than the BoE feared last month. But there was no guarantee of a strong rebound and unemployment would rise

Reuters
19 June, 2020, 03:30 pm
Last modified: 19 June, 2020, 03:35 pm
File Photo: Shoppers carry bags from a department store, pack Oxford Street, in London, Britain December 15, 2018. Reuters/Simon Dawson
File Photo: Shoppers carry bags from a department store, pack Oxford Street, in London, Britain December 15, 2018. Reuters/Simon Dawson

British retail sales rebounded much more strongly than expected last month as the country gradually relaxed its coronavirus lockdown, but public borrowing hit a record high and debt passed 100% of economic output.

Sales volumes in May jumped by a record 12.0% after a historic 18.0% slump in April, official data showed.

The rise was at the top end of economists' forecasts in a Reuters poll but still left sales 13.1% down on a year ago.

Consumer confidence figures for June were the strongest since the lockdown began but remained weak, a separate survey showed.

Bank of England Governor Andrew Bailey said on Thursday the economy appeared to be shrinking a bit less severely in the first half of 2020 than the BoE feared last month. But there was no guarantee of a strong rebound and unemployment would rise.

"May's recovery in retail sales should not be interpreted as a sign that the economy is embarking on a healthy V-shaped recovery from COVID-19," Samuel Tombs, an economist at Pantheon Macroeconomics, said.

He said household incomes would be strained when a government support scheme that covers 9 million jobs is wound up in October, before some sectors are likely to be back to normal.

Britain closed non-essential retailers in late March and only a small number such as garden centres reopened in May.

Other stores in England were permitted to reopen on June 15 subject to restrictions.

Sales at non-food stores increased by 24% in May, but were still 42% down on a year earlier, with clothes stores the hardest-hit category, down by more than 60%.

But fuel sales jumped by 49% as people in England got back in their cars.

Online sales rose to a third of all spending, a new record.

The ONS data also laid bare the scale of the hit to Britain's public finances as a result of the government's huge increase in spending, much of it on its job retention scheme.

Public sector net borrowing hit 55.2 billion pounds ($68.7 billion) in May - a record high after April's reading was revised down to 48.5 billion pounds from 62.1 billion.

The May figure was nine times bigger than the deficit in same month last year.

"The best way to restore our public finances to a more sustainable footing is to safely reopen our economy so people can return to work," finance minister Rishi Sunak said.

A measure of public sector debt edged above 100% of economic output for the first time since 1963, when Britain was still paying off the costs of the Second World War, reflecting the record contraction of the economy in April.

In April and May, borrowing stood at 103.7 billion pounds, 87 billion pounds more than in the same period last year.

Forecasters at the Institute for Fiscal Studies and Citi predicted Britain would still be borrowing significantly in five years' time.

Top News

UK / retail sales / GDP

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Illustration: TBS
    Inflation roars on
  • The mystique of Serajul Alam Khan
    The mystique of Serajul Alam Khan
  • Italian Ambassador to Bangladesh, Enrico Nunziata. Photo: UNB
    LNG Supply: Italy interested in long-term agreement with Bangladesh, says envoy

MOST VIEWED

  • A weak dollar has also provided support for crude prices as a lower dollar makes oil less expensive for buyers. Photo: Collected
    Oil prices fall on report of possible Iran-US deal
  • A vendor speaks with a customer while selling fruits at a market in Karachi, Pakistan June 8, 2023. REUTERS/Akhtar Soomro
    Watched by IMF, Pakistan to present budget amid economic, political crises
  • The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque
    Blink and you'll miss these interest-rate pauses
  • A currency trader counts Pakistani rupee notes as he prepares an exchange of dollars in Islamabad, Pakistan December 11, 2017. REUTERS/Caren Firouz/Files
    Pakistan failing in every economic index: key survey
  • Photo: Collected
    Pakistan needs convincing budget for any chance of more funds - IMF official
  • Photo: Collected
    Putin, Saudi crown prince discuss trade, economic ties: Kremlin

Related News

  • Britain to host first global summit on artificial intelligence safety
  • UK keen to hire nurses from Bangladesh, invest in education
  • Civil society orgs demand 3.2% of GDP for climate financing
  • GDP growth forecast 7.5% for FY2024
  • More revenue must to raise budget spending to 25% of GDP

Features

Yamaha MT-15 V2

Top 3 150-160cc naked sports bikes in Bangladesh

6h | Wheels
Infograph: TBS

Balancing lives and livelihoods: How can South Asia prepare for the next pandemic?

7h | Panorama
Earning more money isn’t exactly a priority for Messi, already one of the world’s richest athletes. Photo: Bloomberg

Why Lionel Messi chose Miami over Riyadh

8h | Panorama
Many stores at the solar wholesale markets are now half full. Or half empty. Photo: Noor-A-Alam

Empty stores and crowded corridors: How the solar market ran out in a week

10h | Panorama

More Videos from TBS

Stats of Europe’s Top 5 League

Stats of Europe’s Top 5 League

2h | TBS SPORTS
13 helpful tips to negotiate about job

13 helpful tips to negotiate about job

1d | TBS Career
Why did Messi turn away from Europe?

Why did Messi turn away from Europe?

1d | TBS SPORTS
Tips to getting sleep on a hot night

Tips to getting sleep on a hot night

10h | TBS Health

Most Read

1
bKash denied permission to pay $4.10 lakh for Argentina football partnership
Banking

bKash denied permission to pay $4.10 lakh for Argentina football partnership

2
Photo: Noor-A-Alam/TBS
Splash

The Night Dhaka did NOT vibe with Anuv Jain

3
Photo: TBS
Energy

2nd unit of Payra power plant to shut down over coal shortage

4
Photo: Screengrab from a video posted by a NSU student
Energy

'Will collapse any moment': NSU teachers, students raise concern after long power outage hit country's largest private uni

5
Digital bank licence requires Tk125cr capital
Banking

Digital bank licence requires Tk125cr capital

6
Photo: Salahuddin Ahmed Paulash/TBS
Energy

LPG price drops by Tk13.42 per kg

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]