2014 retail sales forecast to be 342 billion pounds

The UK government has estimated that the value of retail sales in 2014 is forecast to be at an all-time high for the UK, at around 342 billion pounds, a rise of 48 billion pounds on 2010.

Estimates from the Department for Business, Innovation and Skills also show that this has been a record year for smaller firms who have turned over 72 billion pounds in the last year. This retail sector, which the department calls “booming” now employs 10 percent of the UK workforce, equivalent to over 3 million people and nearly 90,000 apprentices.

Reasons for the all-time high is being contributed to the advent of new sale days such as Black Friday and Cyber Monday, which the government claims has contributed to the record jump in sales, with the pre-Christmas November sales up by 5.2 percent on last year.

Business minister Matthew Hancock said: “The return of the high street is fantastic news and goes to show that we are on course for prosperity. More business are starting up, thriving and creating jobs for people.

“The rise of independent retailers is testament to the wave of entrepreneurialism sweeping the UK as part of our strong economic recovery. But there’s more to do to make Britain the best place in the world to start and grow a business.”

Nick Boles, minister responsible for retail, added: “High streets have cause for celebration after a bumper year of sales. It’s particularly pleasing to see independent shops doing so well.

“We are determined to help them thrive and look forward to 2015, which I want to make an even more successful year for Britain’s retailers.”