Thread: more signs UK is doing it tough

Tesco feels economic squeeze with worst UK sales result for 20 years

Tesco and Sainsbury's sales suffer as shoppers turn to discounters such as Lidl and Aldi


Tesco is expected to reveal this week that it has suffered its worst six months in the UK for 20 years, as cash-strapped shoppers cut back on food, books, clothes and electrical goods.
In delivering first-half financial results on Wednesday, Britain's largest retailer will report its first fall in UK like-for-like sales – which exclude gains from new stores – since the early 1990s recession. In 1991, Sainsbury's was the UK's biggest supermarket chain, and it is also expected to report sluggish sales this week.
The figures will underline how even well-established supermarkets, usually regarded as the last high-street shops to suffer in a slowing economy, are struggling in the downturn

Yes, a copied and pasted article from "The Guardian". I'm confused here...what's your point exactly, and why not just post a link to the URL so that people know you didn't write it?
To be honest, it's really no different than the situation here in the USA.


Maybe you should have posted this bit of the same article -
"Tesco spokesman declined to comment on the forecasts. He said other retailers envy Tesco's position and added: "This is a very successful company. The UK is not at its healthiest." Tesco operates in 14 countries. It is still forecast to increase its overall trading profit by 7% to £1.81bn for the first half, largely thanks to a strong performance from its overseas stores. However, it still makes more than 75% of its profits from its domestic market."

A trading profit that's increased by 7% in the first half in tough economic times to £1.8 Billion? Now that news certainly doesn't seem all bad to me.

Sam, you might be missing the point of the thread, it isn't about any positives.

Originally Posted by ophidian

Sam, you might be missing the point of the thread, it isn't about any positives.

.. and there I was thinking it was just a financial report for those of us that own shares in Tesco...

Beleaguered savers faced a new nightmare yesterday as 12 banks and building societies had their credit ratings downgraded.

Those with large amounts of savings were urged to move their money to safe havens amid fears that some banks could go under.
Just a day after Bank of England Governor Mervyn King said the world was facing its worst ever financial crisis, Moody’s Investor Service slashed the ratings of Lloyds, Santander, RBS, the Co-operative Bank, the Nationwide building society and seven smaller societies.
The downgrade saw their share prices tumble.


Read more: http://www.dailymail.co.uk/news/arti...#ixzz1aDh5nThY

The actual reason for the downgrade is that the British government is now less likely to bail out banks in trouble, the downgrades "do not reflect a deterioration in the financial strength of the banking system".

Originally Posted by Aldo

The actual reason for the downgrade is that the British government is now less likely to bail out banks in trouble, the downgrades "do not reflect a deterioration in the financial strength of the banking system".

Because the British government does not have the financial abillity to bail out the banks, leaves investors there feeling a bit jittery no doubt

Originally Posted by peacock

because the british government does not have the financial abillity to bail out the banks, leaves investors there feeling a bit jittery no doubt

:sleep:

Originally Posted by sam

:sleep:

Sheep ?