Britain’s retailers have seen a disturbing slowdown in sales, according to a poll of top chains carried out by The Telegraph and backed up by the monthly BRC figures. The grim outlook will send a stark warning to the Bank of England not to announce an increase in interest rates later this week.
The government is further taking legal action against the oldest retail chain on Britain’s high street to recoup up to £10m of unpaid VAT. HM Customs & Excise is taking Dollond & Aitchison to the European Court of Justice. The case concerns the exploitation of the tax loophole that allows retailers can sell goods to UK citizens worth less than £18 from Jersey, which is outside the EU. Each week the optician sends out hundreds of thousands of disposable contact lenses priced free from VAT.
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