There’s already evidence that the cut in VAT won’t bring any lasting boost to High Street retailers who are already fighting reduced consumer spending. Most retailers have cut their prices well ahead of Christmas, but are still not able to compete with online bargains. While the cold snap has increased sales of thermal clothing, hats and gloves, and jackets, most of the sales boom has arrived with the online retailers.

Moribund High Street shopping has already brought discounting to the shelves of Debenhams Marks & Spencer and  Wallis, Dorothy Perkins, Evans and Burton are all finding ways to cut their prices, although heavy discounting can only hurt their margins and lead to greater stockmarket concern.

Consumers seem to be paying little attention, preferring either curb their spending or to find bargains through the internet. Mid-to-high end supermarket chains are slumping, while purchases of high fashion clothing have plummeted in favour of classic designs. Black and white T-shirts, white blouses and shirts, and grey trousers and blue jeans have all sold well. Anything slightly unusual is still sitting on the shelves.