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  Observers believe that it is sales of small-ticket items - such as books and CDs - that may suffer the most in the run-up to Christmas?Photo: PA

Analysts believe that there could be some pre-Christmas profit warnings from national store groups as they face the reality of depressed sales.

Meanwhile, shares in BA, the airline, fell as thousands of holiday makers were forced to abandon Christmas getaway plans and return home as a result of the worst weather in years.

In a rising stock market, shares in retailers dropped markedly. Shares in HMV Group fell 9.5pc to 28.5p, shares in Dixons Retail fell 6pc to 22.8p, while shares in computer games store Game Group fell 5.5pc to 65p. WH Smith, Marks & Spencer and Tesco were also down. BA closed down 5 at 265.2p.

With just a few shopping days remaining until Christmas, analysts said that store groups might be forced to issue profit warnings due to the terrible weather.

"It varies from the snow being an inconvenience for shops to the snow being a big disruption. There are a few days to go so there is an opportunity for catch-up. But for some chains the disruption will prove critical," said Matthew McEachran, retail analyst at Singer Capital Markets.

"It is not just about footfall on the high street, it is about the supply chain. Can the goods get to the store? There is an outside chance of the weaker players having to disappoint the market with profits warnings," he said.

Observers believe that it is sales of small-ticket items - such as books and CDs - that may suffer the most in the run-up to Christmas. According to Nielsen BookScan, the average discount on the top 1,000 best-selling hardback books last week was 37.1pc against 31.3pc in the same period in 2009, with seven of the top 20 bestselling hardbacks being reduced by more than 50pc.

Dominic Myers, managing director of Waterstones, told The Bookseller magazine that the economy was at the heart of sluggish demand: "Consumers are being more careful and are more concerned about what they buy."

Biggest percentage share falls on Monday

HMV -9.5pc

Dixons Retail -6pc

Game Group -5.5pc

Next -0.9pc

Tesco -0.8pc

Marks & Spencer -0.7pc

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Charles Bean stated: "we were not alone suggests a very severe contraction of activity was unlikely ' photo: AP".

The answer is no. There are already lots of evidence at the beginning of 2008 to show that we have run during the recession.Bean and his colleagues at the monetary policy Committee could read newspapers more closely trop.Qui could have helped.

But the PPC and many others, ignored the warnings or insisted on the interpretation of the evidence by pink tinted glasses.Put that simply that they were not quite skeptical of wisdom received from Treasury Board for Gordon Brown it possible linger Britain abolished cycle économique.Déclaration Brown March 2001 that: "we will come back on the expansion and President Deputy Mr." resonates still terribly .c ' is a common theme of its beginning in 1997.

But it was clear to the logs like this at the beginning of 2008 that we headed for recession and rate would be cut off.

For example, on 6 June 2008, I wrote: "the doves you should look at M4 money growth, supply what is already down quite significantly, and signs of weakness in the next two months purchasing managers index." I'll plump for a rate cut August to deliver relief - exactly one year after the start of the credit crisis. ?

Nothing has happened. July 8, 2008, after terrible manufacture figures, I said: "it is clear to me we led recession, once it dawns PPC should cut rates without delay." "There is nothing new. Monitoring additional warnings, but it is, on October 8, the PPC has begun coupe.Trop rates little, too late.

But even so far back in February 2006, which led to a recession debt crisis was also clearly evident.You did not need knowledge of experts from the banks balance sheets. The proof is in the high street b.c ' is the month that we began our series entitled "Decade of debt" constantly cautions on the impact of the mountain of debt of the United Kingdom and to establish the theme in these pages for the months and years to come.

On 14 February 2006, under the title "credit crunch expected Brown" came to this warning."It is not only consumers who are now drowning and is no longer stirring."Finance public sector are also out of control, the hotfix only, an increase of fees or a reduction of expenditure or the deux.Mais add to that the impact on the economy of consumer slow and you have a collapse that of love which we have not seen since more than 15 ans.Tous signs are there.

Legacy Mr. Brown is ugly fall out of the Decade of the debt, a legacy that undermine his Prime Minister, should he get it and give his own successor an impossible job.

But the career of a few politicians is as nothing compared with the damage to be visited on his profligacy powered by debt United Kingdom.?

Call me entertained, but we have tried to say that it as it has été.Je can only guess Bean and his colleagues refused to simply the croire.Je fear there is no indication that the situation has changed.

Edwina Dunn and Clive Humby left as President and Chief Executive of Dunn Humby, consumer insight firm generated Clubcard of Tesco.

Tesco loved society so it now possède.Le married couple is two of the best entrepreneurs in the United Kingdom.

In 1989 they took no wage for 18 months and are now preparing for their first break appropriée.Ils are the kind of talent that our economy besoin.Ils begin again?

They are not prejudging the future, but while they see fantastic opportunities to hire talented, given the labour market the tax regime is still weighed against contractors making it less interesting than 1989.

Take note of Mr Cameron and Osborne.

Damian.Reece@Telegraph.co.UK

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