UK retail sales climb despite credit crunch

Whilst calling it

‘the end of capitalism’

is perhaps a little strong, the current economic climate is still probably the most uncertain in living memory – which makes it all the more surprising to see a rise in UK High Street spending in August.

The BBC reports that numbers from the Office for National Statistics show a 1.2 per cent increase in High Street sales in August, with total sales 3.3 per cent higher than in the same month last year.

The numbers fly in the face of earlier predictions of a 0.5 per cent drop in sales.

The surge was lead by increases in clothes and food sales, as well as the annual back to school activity. Food, however, did suffer a slight dip – 0.2 per cent.