Retail fears as spending stays weak

THERE’S little hope that consumers will splash their cash next year as retail sales continue to plunge.

The Government’s planned two percentage point VAT increase to 23% in the upcoming budget will dampen consumers’ desire to spend, say experts.

Retail sales were up 0.1% last month, but were 3.8% lower in the year, according to the CSO. Excluding car sales, they were 0.2% lower last month.