More British retailers are coming under financial pressure as the UK economy continues to shrink. Yesterday Dixon’s announced that their festive sales fell by 5% due to “fragile consumer confidence”, meanwhile Premier Foods are to cut 600 UK jobs in an attempt to double their cost savings while both clothes firm Peacocks and Past Times has both also announced they have entered administration. This news follows on from “dissappionting” figures from Tesco whos like for like sales over Christmas fell by 2.3% resulting in Tesco bosses stating they expect minimal profit growth. The fact these UK retailers are under financial pressure shows there is a lack of confidence from the UK public in the economic situation. Almost to confirm the damaging situation the UK currently faces, yesterday Item Club announced they believe the UK is currently in recession which certainly wont go to give more confidence back to the British businesses or public. Should it be officially announced that the UK is in recession we could see Sterling weaken quickly meaning the current high levels against the Euro could be short-lived.
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