/24-7PressRelease/ - LONDON, UK, December 29, 2006 - UK retail sales have shown the fastest annual growth this season since December 2004. The strong growth is a sharp contrast to the very nominal increase predicted by retailers for December in the November monthly trade survey conducted by Confederation of British Industry (CBI).
But, economists were wary of reading too much into the CBI survey as it significantly under estimated the strength of retail sales last month. Incidentally, the survey was also conducted between November 30 and December 13 which only covers a part of the pre-Christmas shopping period.
Fresh figures released by the British Banker's Association pointed out that consumers are taking on more and more personal loans to meet the Christmas expenses. According to the BBA, personal loans and overdrafts from big high street lenders rose by 87 million last month.
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