Retail sales fell steeply in August as the rising cost of living put pressure on households, figures show. According to the Office for National Statistics (ONS), sales fell by 1.6% which is much larger than economists predicted, continuing a fall since the summer of 2021.
Retail sales in all the main sectors – food, non-food, online and fuel – fell over the month and supermarkets’ sales volumes fell by 0.9% in August. However, alcohol and tobacco sales rose by 6.3%. August’s sales figures signalled the largest month-on-month drop since December 2021.
If you are struggling with your finances, there are some steps you can take to start managing your situation.
- Make a list of the organisations that you need to make a payment to.
- Note down how much you pay and whether you are behind on any payments. This includes essential household bills such as electricity and gas, as well as loans and any other debts or repayments you have.
It’s important that you prioritise your debts. Some debts will be more urgent than others because the consequences of not paying them can be more serious. These may include:
- Mortgage or rent
- Council tax/rates
- Gas or electricity bills
When circumstances are against you, a bit of independent perspective can be a lifeline. And at Moorfields, that’s exactly what our team at Moorfields Advisory offers.
With a sensitive approach and unrivalled financial expertise, Moorfields will help you find the right debt relief solution for you. Whether that’s debt management or support through declaring bankruptcy, you can rely on the team to help you turn things around without judgment or hidden fees.
For more information and assistance, contact your usual Beavis Morgan Partner or email info@beavismorgan.com. You can also visit: https://www.moorfieldscr.com/insolvency-recovery/personal/