Dismal reports surrounding the difficult British retail climate are exaggerated, the UK ‘s top retail union boss has said in an interview earlier this week. Johan Hannett, General Secretary of the Union of Shop, Distributive and Allied Workers told Reuters: “It’s a mixed picture but it’s far from doom and gloom in terms of the economy and in terms of the (retail) trade position.” Hannett’s union represents approximately 340,000 workers in the retailing and distributive sectors.
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“Overall I believe in the retail sector, even though it will go through peaks and troughs in like-for-like sales, the truth of the matter overall is that it would be wrong to try to present it as a real depressed situation. I don’t believe it is,” he continued. Referring to the London bombings on 7 July and the failed attempts two weeks later he said: “(…) maybe because of the bombings and the terrorist situation people did withdraw a little bit…it’s a situation that’s not lasting. I don’t think things have changed.”
Meanwhile the Bank of England policymakers choose to remain optimistic that overall household spending will soon pick up and have left interest rates at their current level, despite efforts by the British Retail Consortium to persuade them to cut rates further. Hannett agrees with the Bank of England’s strategy in this matter, taking into account the bigger economic picture.