Retail boost as sales rise
Mad March sees shoppers flood back
WITH TRICIA PHILLIPS THE number of loans and credit cards dished out by banks dropped in the first three months of this year, as lenders started cracking down on credit.
A Bank of England survey found the availability of non-mortgage products had fallen, and is expected to sink further.
This will make it tougher to get access to loans and credit cards, so those planning on applying for cash need to be smarter.
If you are thinking of taking out a 0 per cent balance transfer card to clear debt, for example, you might want to make your move quickly.
Over the past year the interestfree period has dropped, with 28 months now the best most card firms offer, down from up to 37 months previously.
For the best chance of success with applications for credit, check your credit report via noddle.co.uk, clearscore.com and experian.co.uk so you know your status, can ensure everything is correct, and check there’s no signs of fraud. HIGH street shops had a marvellous March as sales soared 6.7 per cent compared with March 2018, the highest increase for two and a half years.
The warmer weather last month brought shoppers out to snap up new outfits, and there was also an increase in food sales.
The figures published by the Office for National Statistics were boosted by the fact that a year ago the country was in the grip of the Beast From The East storm, and shoppers stayed at home.
But sales were also up on February’s figures, climbing 1.1 per cent month on month, confounding economic expertsp who ppredicted a 0.3 per cent slump. Figures for the first three months of the yyear, which smoothsmo out monthlymon volatility,tility showed salesales grew by 1.6 perp cent compared with the previous quarter, following sustained growth and representing the strongest increase since August 2018.
Tellingly, department stores were the only sector to suffer a fall in sales – down 0.3 per cent – when compared with last March.
Ed Monk, of Fidelity International, said: “The positive retail sales data reflects a slow recovery from a decade-long wage squeeze and, perhaps, a willingness to look through the apparently neverending uncertainty that is Brexit.”
But analyst Howard Archer of the EY Item Club warned that the positive figures could have been down to Brexit stockpiling ahead of the March 29 leave date.
“It is very possible that retail sales could have gained a lift in March from some stockpiling of goods by consumers wary of a disruptive Brexit at the end of March,” he said.
“If we all spend April using up our stockpiles of tinned beans and toilet roll, retail sales will suffer.” THE energy price cap to help people to afford heat and light their homes has also powered sales at Moneysupermarket.
The comparison site reported a 19 per cent rise in revenues to £104.9million for the first quarter as more of us switched suppliers.
Its Home Services division had an “exceptional” quarter, posting a 70 per cent increase in business.
Boss Mark Lewis said: “The reinvent strategy continues with a strong first quarter, notably helping customers beat the rising energy price cap.”
Insurance sales also climbed and the revenue total was further lifted by the acquisition of IT platform developer Decisions Tech last year which added £6.2million.