A leading accounting firm BDO in the United Kingdom has gone on stating that this season there will be a heavy rush of people shopping even as the retail sector will boost of increased sales and thus over all profits.
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The reputed firm in a report claimed consumers are going to go on a shopping “spree” and making full use of the low rates as of now. This is before the beginning of 2011 when rates will increase courtesy the Value Added Taxes (VAT). The firm even confidently stated of a very good 3% rise in sales thanks to the upcoming Christmas season in December.
This, even as the VAT will come into play from the 1st of January. ProcewaterhouseCoopers (PWC) in the mean time suggest that the decrease in shopping even after the VAT is levied will not be that much. In the end the cut in the spending as done by people will only be of 0.2% in the year 2011.
Being among the most competitive retail markets of the world, UK will actually enjoy a good shopping season this December all the way into next year as well. Though the upcoming shopping season won’t see profits as much as same time last year, but it should definitely get better even as the days pass. Not for no reason did Napoleon I say that England is a nation of shopkeepers.
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