Households show caution over tax rises and job losses after election.
High street retailers are engaged in a pre-election price war as consumers delay spending on big ticket items, a Daily Telegraph investigation has found.
A spokesman for the British Retail Consortium told the paper: “With the election coming up there is a lot of uncertainty around, both political and economic, concerning who is going to form the next government and what it is going to mean for taxes and jobs. Retailers recognise this cautiousness and are responding with an array of discounts and promotions.”
Some of the UK’s biggest retailers, including Tesco, Debenhams and Marks & Spencer cut prices by up to 70 percent over the Easter weekend, with analysts predicting that many other stores will follow suit in the coming weeks as the country gears up for the general election.
Big ticket items have been hardest hit, according to accountancy firm PricewaterhouseCoopers. Shoppers have been put off buying expensive goods until after the election when they will have a better idea of their disposable income, the company told the Telegraph.