There has been some much needed positive news over the last few days showing that the economy has taken it’s first steps towards recovery with major High Street stores reporting bumper Christmas sales.
Retail giant Next reported a 3.1% rise in overall sales from August 1 to December 24 compared to 2010. This news comes alongside John lewis figures where it is reported that their sales were up 9.3% during the five week lead up to Christmas.
There has also been growth in the housing market and construction industry. November saw mortgage approvals hit 52.854, the most since 2009.
Chief UK economist at Investec said “While things are undoubtedly very challenging there are grounds for opitmism. Inflation should be much lower this year, removing what was a major kick in the teeth to households in 2011”
All these little glimmers of hope will help to ease the threat of a double dip recession and contribute towards a recovery.