Too early to say economic downturn in UK is over, claims Sainsbury’s

Sainsbury’s, Britain’s third largest grocer, says it is too early to call an end to the country’s economic downturn, arguing that strong trading over the summer was no more than a blip.

Sainsbury’s and other retailers are still taking a cautious view of the market for the year ahead even though official data and surveys have shown an improving outlook for UK consumer spending, which generates about two-thirds of GDP.

British Retail Consortium data, for example, has suggested Britons are feeling more confident about spending money.