18 Jul 2019
Growth continues, albeit slower, as businesses gear up for a crunch six months
Phil Mullis, Partner and Head of Retail and Wholesale at one of the UK’s leading business advisory firms, Wilkins Kennedy, said: “Results showing growth are slightly surprising in a good way when you consider the volatile backdrop that retailers are trading in.
“The impact of Brexit uncertainty isn’t going away, and retailers will be looking to our next prime minister to address this with some decisiveness over the coming weeks, along with putting into practice some of the pledges that have been made regarding cutting business rates and corporation tax.
“I would draw people’s attention to the three-month on three-month comparison as this is down in terms of both volume and value in June compared to May – I would hope that the trend shows growth ahead.
“For 16 consecutive months the UK has experienced wages outpacing overall inflation but that doesn’t appear to be filtering through to the high street.
“Retailers are preparing for the golden Christmas period - where a lot of their annual sales are made - not knowing if they’ll be riding the crest of a wave from a Brexit deal, or the misery of coping with a no-deal scenario needing to make extra sales to stay afloat.
“The sooner we have some clarity on the country’s relationship with Europe, the better.”