Data from Barclaycard says sales in the run-up to Christmas have risen just
0.7pc compared to last year.
Although there was an overall rise, there were falls in food and drink sales,
clothing, and department stores. Sales slowed through the month as customers
appeared to wait as late as possible for deals. The data paints a concerning picture for the high street, with online sales
rising 11.1pc compared to last year, significantly ahead of overall sales
growth. Online sales now account for more than a fifth of spending in the UK for
the first time.
Barclaycard has compiled comprehensive spending data for the first time this
Christmas using transactions from its 11m customers in the UK. It covers the period from November 1 to December 14, showing a spike in
online sales in late November and early December as consumers snapped up
products. There then followed a lull in spending. On December 14, sales were
down 2.8pc compared to the same time last year....Widespread price promotions are being offered to last-minute Christmas shoppers by retailers hoping to ring up record sales this weekend. Three-quarters of shops have sales or advertising promotions in their windows, but discounts are not as big as in 2011, according to PricewaterhouseCoopers. Shoppers are being offered discounts averaging 44%, compared with 48% this time last year. Visa expects to process 31.9m transactions on Saturday , or £15,000 every second, as consumers take advantage of late-night and early-morning shopping to purchase presents. Retailers including John Lewis and HMV will keep some branches open until 10pm on what is expected to be the busiest shopping day of the year.
"Despite a cautious start to consumer spending in the build-up to Christmas, we are now expecting the high street to see its busiest day of the year on Saturday as shoppers hunt for last-minute gifts for family and friends," said Steve Perry, commercial director at Visa Europe.
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Athens has collected just half the tax debts and conducted less than half the audits it was supposed to under the targets set by its lenders, according to a survey by the country's international lenders which was compiled in November.
The lenders urged Greece to improve tax collection and focus on the cases most likely to produce results. "Doctors and lawyers are a good place to start," they said.
"The mission expresses concern that authorities are falling idle and that the drive to fight tax evasion by the very wealthy and the free professions is at risk of weakening," it added.
By the end of September authorities had conducted 440 checks on suspected wealthy tax evaders, compared with a full-year target of 1,300. About €1.1bn in overdue taxes have been collected so far, less than the €2bn targeted.
Tax evasion is endemic in Greece, making it more difficult for the government to shore up its finances under its €240bn international bailout.
With revenues falling short and the austerity-hit country obliged to meet its fiscal targets when its economy is shrinking for a fifth year, Athens is hiking taxes on middle-class wage earners who can't hide their income.
After a Christmas recess, parliament is expected to pass a new tax law which aims to raise about €2.5bn over the next two years as part of a €13.5bn austerity package.
A second piece of long-delayed legislation to crack down on tax evasion will follow later in the year, the government said.
In May, Christine Lagarde, the managing director of the IMF, caused controversy when she warned that Greece could expect little sympathy from the International Monetary Fund on its bail-out terms, and called for its citizens to "help themselves" out of the financial crisis by "paying their tax".
Perceived tax injustice has dented the popularity of Greece's pro-bailout ruling coalition. The radical leftist Syriza party, which opposes austerity and advocates a big and immediate debt writedown, has taken the lead in almost all the opinion polls published since a June election.
The troika spent 3 months in Greece before the next tranche was released but only just noticed that the set targets hadn't been met? It was just a minor detail that was missed at the time?
I would be more concernd about the very early 70% Christmas sales in England than what's happening in Greece.
Why should they change their ways and start to collect taxes and modify some benefits when Germany is there to bail them out.
Antie Angela is there for them so why bother?
With a reduction of GDP around 25% there is no way that in the foreseeable future anything is likely to change.
Ease them out of the Euro over the next 2 years and let them land softly on the drachma again.
Same for Spain.
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