UK retail sector is booming

New figures from the Office for National Statistics show that UK retail sales volumes for April rose by 1.7 percent. Doesn't sound much, but economists had only been expecting a 0.4 percent rise
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And in March there had only been a rise of 0.1 percent so the current hike in sales is on an upward trend.

However, with sales surging the Bank of England may seek to dampen the fervour by raising interest rates.

The annual rise of retail sales from April 2001 to April 2002 was 6.9 percent, comfortably ahead of the 5.8 percent year-on-year figure for March.

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