The extra bank holiday for the Queen’s Diamond Jubilee didn’t really achieve the big boost in retail sales that economic analysts had hoped. Last month there was a rise of a measly rise of 0.1%
The pretty awful weather was to blame for the latest figures – issued by the Office of National Statistics today – missing the target of a 0.6% increase. The stats show that retailers have had no choice but to slash prices, but not even that has boosted overall sales volume.
So, with little hope of better weather this month, it’s all eyes on the London 2012 Olympics to give the UK economy the boost it needs – both with the additional travel and tourism that the event will obviously bring with it and in terms of business opportunities. The CBI surveyed 250 firms based in the capital. Bryan Cress, regional director, says people are hopeful of the cumulative effect of the world sporting event: “We found that an overwhelming majority, over 90 percent, thought that the games would do well to boost the international reputation and promote London globally. And so survey respondents said that they thought regeneration boosting in east London, and such things as transporting would be very positive benefits."
Let’s hope the sights and sounds of the big city go a long way to get the thousands of tourists in town for the next few weeks doing their bit for our economy by putting their hands in their pockets and spending money!