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ONS retail statistics – Barclays’ comment

Ian Gilmartin, Head of Retail & Wholesale at Barclays Corporate Banking, comments on today's ONS retail figures.

“August’s mixed weather failed to dampen shoppers’ spirits with retail sales recording a welcome boost in sales growth and exceeding what many had forecast. Encouraging as this is, sterling continues to be a double-edged sword for UK retailers; on one side, its weakness is prompting more Britons to holiday at home as well as attracting more tourists from abroad, but on the other, retailers are facing rising costs and inflationary pressures and increasingly they will have to pass some of this on to consumers through price rises. Coupled with lower wage growth and increasing speculation around an earlier than expected interest rate rise, the power of consumer spending is likely to be impacted, which may well put retailers’ current business strategies to the test.”
Notes to editors

For further information about Barclays Corporate Banking, please visit our website www.barclayscorporate.com

About Barclays

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays .