Retail Sales in the UK Is 3% Above Pre-Epidemic

Retail Sales in the UK Is 3% Above Pre-Epidemic

Britain's economic recovery from the shock of the COVID-19 outbreak has accelerated, but government borrowing has exceeded £ 2 trillion ($ 2.64 trillion), and fears of future job losses have increased, according to data released on Friday. Retail sales rose above pre-epidemic levels in July and August. Purchasing Managers Index data showed the fastest growth in almost seven years, exceeding economists' expectations in both cases. But the UK economy is still facing a long recovery after a record 20% contraction in the second quarter, and businesses continue to quit their jobs. Questions about how long consumers will continue their spending spree are also a matter of debate. "This increase in retail consumption may help alleviate concerns about the resentment of the UK economy, but it won't last long," said Alistair McQueen, head of savings and pensions at insurance company Aviva. Britain had implemented quarantine measures at the end of March, and stores in the UK were fully reopened only on June 15th. Bars and restaurants started to open on July 4th. Retail sales in July were 1.4% above levels a year ago and 3.0% above pre-epidemic levels, according to figures from the Office of National Statistics.