The great summer sales have arrived, so get ready to spend at Britain’s leading high street retailers. Prices have come tumbling down as the sale signs have gone up, meaning now is the ideal time to grab that chic summer wardrobe item or get in on old stock before the cold arrives.

In even better news for shoppers, official figures have shown that the price of clothing fell by a record margin in the month of June, with retailers wielding the axe earlier than expected. This has analysts worried that the coming months could result in a raft of profit warnings, as Britain’s leading retail chains look to sacrifice immediate profit for the sake of sales. While this may be bad news for business, it is nonetheless great news for consumers.

Chancellor George Osborne’s so-called ‘austerity’ Budget has not yet hit shoppers where it matters most – in their pockets, as retailers steady themselves for an excepted economic downturn as consumer spending will be reduced in the months ahead. The result is that right now is the best time to find the best bargains, with fashion stores offering a huge range of incentives and promotions to tempt the last remaining pennies from the public.

Debenhams, Next and Marks & Spencer are all featuring great deals on fashion-wear at the moment, with customers being openly wooed to spend and save. These stores are just some of the group which saw price-slashing of around 3.4 per cent last month, with women’s wear leading the way in cost reductions.

Tags: consumer, Fashion, high street, Marks & Spencer, retail, sales, shopping, spending, UK retailers, women's wear