TUC – plummeting retail sales show cost of living crisis is far from over

• 3.2% fall in December is biggest monthly slump (outside of the pandemic) since eve of the financial crash

Commenting on figures published today (Friday) which show retail sales slumped by 3.2% in December – the worst monthly fall (outside of the pandemic) since the eve of the financial crash  -TUC General Secretary Paul Nowak said:

“This huge slump in retail sales is deeply worrying. People need to be able to spend on their local high streets.

“But years of stagnating living standards are taking their toll.

“Many families are struggling to cover even the basics and are being forced to cut back. And with household debt set to skyrocket this trend could get worse.

“Working people are paying a heavy price for the Conservative’s economic mismanagement.”

Analysis published by the union body at the end of December revealed that unsecured debt (credit cards, loans, hire purchase agreements) is set to rise by £1,400 per household, in real terms, this year.