Retail woe – news round-up
Posted on: 16 June 2011 by Alexander Hay
The economy continues to stagger
...Which are, according to the BBC, a 1.4% drop in retail sales during May, which wiped out any gains made during the Royal Wedding.
Who's to blame? The Daily Mail can't resist blaming Ed Balls, and by extension New Labour, for the mayhem while reporting his call for VAT to be slashed to get the punters spending again.
But at Sky News, it's Balls' turn to point fingers, as he blames the government for cutting spending too much. So it's everyone's fault and no one's. Good to know.
The Guardian highlights a key cause for the fall in spending - the rate of real pay is falling, and taking spending down with it.
The most likely result is that interest rates will be kept at 0.5%, The Telegraph predicts, noting that the much-heralded economic recovery has run 'out of steam'. And a few other things too.
Still, it's business as usual in the business sector? Not at all, according to The Independent, with finance types growing ever more depressed despite being paid huge amounts of money. Poor things.
And finally, Ed Balls' sworn blogosphere enemy Guido Fawkes is choking on his beard as he admits that, actually, 'Blinky' might actually be right this time.