Shoppers snap up major price cuts

But the jury is out on whether the next few days will provide the boost beleaguered retailers need.

It is make or break time for traders after many reported worryingly reduced sales due to the credit crunch.

The evidence on Saturday was that some savvy shoppers had delayed making purchases until the last moment in the hope of further price reductions and early sales bargains.

With stores slashing prices by up to 70%, out-of-town shopping centres around the country reported queues forming before 9am.

Meanwhile, half a million people visited London's West End, with stores staying open longer in a bid to boost sales.

Not only did traders see increased spending from UK shoppers but they also benefited from visitors from the Eurozone taking advantage of the weakened pound.

Jace Tyrrell, of the New West End Company, representing more than 600 traders in Bond Street, Oxford Street and Regent Street, said Saturday had been excellent.

He said: "Everyone has been paid on Friday and we are seeing an increase in cash purchases. People are definitely spending and using cash. A number of department stores said it was the best day of the year.

"It has come very late but it will continue through to Tuesday."