Retail sector – “far from doom and gloom”
John Hannett, General Secretary of USDAW has told Reuters that he doesn’t believe the sector is in a depressed situation.
“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, whose union represents some 340,000 workers in retailing and the distributive trades, he told Reuters.
“Overall I believe 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.”
Hannett added that he believes that interest rates are about right. “I’m quite content at the moment with the Bank of England’s strategy … I can understand the argument the retailers would make to the Bank of England but of course the Bank of England has to take into consideration the wider economy.”
