Continued downturn! UK retail industry has declined for five consecutive months

According to the British newspaper The Guardian, UK retail sales have fallen for five consecutive months. Although many epidemic-related restrictions have been lifted , the unexpected 0.2% drop in September also marked the worst recession since modern records began in 1996 .

The Office for National Statistics said sales at homewares stores , pharmacies , toy stores and sports equipment stores all fell, while clothing stores, department stores and food stores all saw increases .

At the same time, the report pointed out that fuel sales have also increased . Due to certain problems in the current fuel delivery supply chain, the British people have a certain panic buying factor in fuel consumption .

The report said that when the September data was released, people's concerns about the economic situation in British society , rising inflation, labor shortages and commodity shortages were also growing .

However, the UK retail downturn is expected to improve in October as many consumers start their annual Christmas shopping early due to concerns that some toys and gifts may be in short supply .

It is understood that in the two years since the UK officially announced its withdrawal from the EU , many companies have been struggling to survive in the cracks , trying to survive amid falling income , increased taxes and tariffs , and disrupted supply chains .

The Bank of England also said that a third of small businesses in the UK are heavily in debt and warned that small business failures are expected to increase by the end of the year .

It is reported that the proportion of indebted small businesses in the UK is more than twice that before the outbreak of the epidemic . In response to this phenomenon , the Bank of England warned of the possible consequences of increased risk-taking and warned banks to be more cautious about digital assets.

According to the bank's statistics , two-thirds of the growth in corporate debt in the UK between the end of 2019 and the first quarter of this year came from small businesses, many of which had never borrowed before and some of which did not meet the bank's lending standards before the outbreak of the epidemic .

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