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RETAIL SALES FALL AGAINRetail sales declined for the 13th consecutive month as already low consumer confidence has been worsened by anxiety before Rachel Reeves late November budget. A survey by the Confederation of British Industry found that sales volumes had decreased across the retail, wholesale and motor industries. It found that retail sales volumes had declined by 27% year on year and anticipated a higher rate of decline at 39% in November
HIRING FALLS TO 13 YEAR LOW Hiring confidence among UK employers is at its lowest for 13 years in spite of signs of a summer rebound in output, The April rise in employers national insurance, policy uncertainty and other cost pressures have pushed the indicator for employment to its weakest since 2012, according to the BDO Business Trends baroeter. Business confidence also fell in June compared with May and was under-whelming the accounting firm found after polling 4,000 companies..
MORE RETAILERS GO BUST Retail insolvencies
were 13.6 % higher in May, according to Coface, the credit insurer. The rise follows the increases to employer national insurance, the minimum wage, and the national living wage, which came into effect in April. Clothing and textiles retailers, and those selling electronic goods, saw the biggest rises in insolvencies.
INSOLVENCIES RISE The number of businesses becoming insolvent rose sharply last month as companies faced higher staff costs and continuing uncertainty over trading arrangements with the United States. Business insolvencies in England and Wales rose 15% to 2,238 in May compared with the same month a year ago, according data from the Insolvency Service. The number of creditors voluntary liquidations, through which a director chooses to close down the business, rose by 13% to 1,734 while the number of company administrations, which usually involve larger enterprises, was up by 12% to 136.
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