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Platinax Internet News Internet and business news for the UK online, by Brian Turner

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February 17, 2005

Retail growth stalls: UK economic growth threatened

Official figures show that the underlying rate of consumer spending has stalled to a clear zero.

As consumer spending has been the engine of UK economic growth in recent years, the news adds pressure on the Bank of England to avoid interest rate rises in the near future.

Everything now depends upon how the housing and labour markets behave over the coming months. As the housing prices fall - which had been powered by property investment - so is the amount of equity available for consumer borrowing reduced.

However, rises in wages could yet add to consumer spending rates, though this would create an inflationary pressure.

Posted by brian_turner at February 17, 2005 04:03 PM

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