UK retail sales growth stalls in February - CBI
By Michele Maatouk
Date: Thursday 23 Feb 2023
(Sharecast News) - UK retail sales growth stalled in the year to February ahead of an expected decline next month, according to the latest Distributive Traders Survey from the Confederation of British Industry.
The CBI's reported sales balance rose to +2 from -23 in January.
A balance is the weighted difference between the percentage of retailers reporting an increase and those reporting a decrease.
Martin Sartorius, CBI principal economist, said: "Whilst retail sales volumes were largely unchanged in the year to February and slightly above seasonal norms, firms remain pessimistic about their business outlook and are bracing themselves for yet another fall in sales next month.
"At the upcoming Spring Budget, the Government must take action to tackle the roadblocks in the way of the UK's economic growth. Retailers are now looking for action in areas like skills and investment. Transforming the Apprenticeship Levy into a 'Skills Challenge Fund' and incentivising businesses investment through introducing a successor to the super deduction will be crucial for improving our economic prospects."
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