According to the Office for National Statistics(ONS), volume of retail sales in Britain plunged by 0.7 percent in March despite a near 1 percent increase in food sales. This comes as retailers in the country have struggled the hardest to cope with weak demand caused by falling wages and increasing cost of living. According to the ONS, the unusually bleak weather and heavy snowfall have led to the plunge. Alan Clarke, UK economist at Scotia Bank, said the disappointing figures reveals the country could head to a triple dip recession and an economic shutdown in the near future. " With wage inflation at around 1 percent and headline inflation at close to 3 percent, the maths don ' t add up to much in the way of consumer spending growth, rather the opposite, falling consumer spending by mid - year, " he said.
New figures show Britain ' s retail sales volumes have dropped by more than expected in March, underlining the country’s fragile economic situation in the first quarter.