UK retail sales fall in October at fastest pace since June - CBI
By Michele Maatouk
Date: Tuesday 27 Oct 2020
(Sharecast News) - UK retail sales fell in October at the fastest since June, according to a survey from the Confederation of British Industry.
The CBI's monthly gauge of retail sales fell to -23 in October from +11 in September, missing expectations for a reading of +1. September's level had marked an 18-month high.
Non-food retailers, department stores, clothing and 'other normal goods' were among those reporting a decline in sales, while retailers of furniture, DIY and recreational goods saw strong growth. Internet sales growth also picked back up to the long-run average, the CBI said.
CBI economist Ben Jones said: "The fall in retail sales in October is a warning sign of a further loss of momentum in the economy as coronavirus cases pick up and restrictions are tightened across many parts of the country.
"It's no surprise that sales have dipped despite no new direct restrictions on retail in England, as the evidence from earlier in the year suggests consumers become more cautious as case numbers rise.
"With footfall still down by one third, many retailers face a difficult run-up to the all-important Christmas period. It is vital that local authorities use their discretion over the new Tier 2 grant funding to target support in a way that helps keep town and city centres open for business."
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