Retail sales figures

Reacting to last week's retail sales figures, Dr Brian Sloan, Head of Business and Economic Policy at Greater Manchester Chamber, said: "The poor retail sales figures for January released today by the Office of National Statistics indicate there is a serious risk of a double-dip recession.

"The bad weather no doubt played its part in these figures, however the 13.4% fall in the sales volume of household goods is the largest fall since January 1988. This may indicate that the VAT rise is having an effect on sales of these higher priced items, such as furniture and appliances.

"This supports our view that the Government should have extended the 15% rate of VAT, its own stimulus package, into 2010."