Retail sales are boosting the UK economy despite the wettest February on record

The wettest February on record did not dampen Britons’ appetite for new spring outfits as retail sales boosted the UK economy.

Analysts predicted a 0.3 percent fall in high street spending in February, but official figures show this remained the same.

It gives experts confidence that Britain has been lifted out of recession. Official GDP figures show that the economy has been driven by retail sales so far this year.

Rob Wood of Pantheon Macroeconomics predicted that retail sales would continue to grow strongly in the first three months of the year, “helping the economy emerge from last year’s recession.”

It comes at a time when data from GfK shows that consumer confidence has turned positive for the first time in more than two years. Household disposable incomes are finally rising as wages rise in tandem with food price inflation energy accounts fall.

Deloitte’s Oliver Vernon-Harcourt said: “Better days are ahead as the short-lived and shallow recession is behind us and inflation is at its lowest level in two years.

“The high street can be hopeful that lower prices will support higher spending and footfall.”

The office Good performance by clothing stores and department stores has offset declining food and fuel sales, according to National Statistics.

Heather Bovill of the ONS said clothing growth was “recovering after recent declines as people invested in new season collections”.

Much of the spending was done online, with a 2.1 percent increase in internet spending in February.

Voda investigated

Vodafone and Three’s £15bn merger threatens to drive up prices for users, competition and competition Markets Authority watchdog has warned.

The regulator is preparing a six-month investigation into the deal, which involves 27 million customers. The companies say it will help them compete with BT and Virgin Media O2.

Aston in Raid

Aston Martin has poached the boss of rival Bentley as its fourth CEO in four years.

An hour after Bentley announced it Adrian Hallmark’s departure “by mutual consent”, Aston Martin welcomed him as its new leader.

Bentley had increased its profits tenfold under Mr. Hallmark.

Good week

3

Next boss Lord Simon Wolfson after announcing huge profits and the best prospects for the retailer in seven years.

Bad week

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DFS boss Tim Stacey warned of lower profits as people were reluctant to buy banks.