Consumer spending was at its highest level in 13 months in August, boosted by the slump in the value of Sterling leading to an increase in the cost of travel and hotel spending for holidaymakers. According to Barclaycard, spending was up by 4.2 per cent year on year, from "muted growth" of 2.6 per cent in July.
Elsewhere, the British Retail Consortium has reported a slump in retail sales in August, that's despite an increase in spending immediately post Brexit. August saw the weakest performance in retail sales in two years, with a fall of 0.3 per cent year on year, the weakest month since September 2014. Clothing sales recorded the worse three month average performance since February 2009.
If you have any concerns relating to debt payments, our partner business, BM Advisory, is available to advise on a range of alternatives to help you manage your debt. And if you require funding, our BM Structured Finance team is available to source the right financial products for your specific needs.
In turn, if you are a retail business and require assistance in improving business performance, our retail specialists at Beavis Morgan are available to assist with strategic planning, system implementation, business turnaround and effectively structuring your business for tax.
For further information about how we can assist, contact Steve Govey in the first instance, or your usual Beavis Morgan Partner.