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Fundamental Forex Analysis

UK shops report biggest sales jump in six years

A survey conducted by the UK’s accountancy firm BDO showed on Friday, the country’s retailers saw their sales jump to the highest level in six years last month, in light of the UK political stability following PM Johnson’s landslide election victory and price cuts that encouraged more consumer spending.

Key Findings:

High Street Sales Tracker found sales jumped by 5.7% last month, the biggest annual rise since January 2014, with gains seen across all sectors.

There have been signs of a pick-up among companies since Johnson’s Dec. 12 election victory

 Sophie Michael, national head of retail and wholesale at BDO, said: “This may be a false dawn in terms of a high street recovery. There were signs that retailers were sitting on high levels of stock and that buying orders had fallen again, suggesting that discounting was driving sales.”

“February will show whether consumer confidence has got a toehold in some kind of recovery for retail,” she added.

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