Retail growth falls to lowest level on record
Retail sales rose by just 0.3 per cent in July, their lowest level since records began.
The figure was down significantly on the 1.6 per cent increase seen in the same month in 2018, and follows what was also the worst June on record.
The survey, conducted by the British Retail Consortium and KPMG, are based on responses from retailers making up an estimated 40 per cent of all British retail sales. Their records began in 1995.
According to the Consortium, "the combination of slow wage growth and Brexit uncertainty" are to blame for the collapse.
But the group also said that last year's figures had been inflated by the World Cup.
KPMG head of retail Paul Martin said: “Shoppers are notably disengaged overall. The pressure continues to build between online and physical offerings, costs continue to rise and the demands of consumers continue to grow.”
Meanwhile as we reported yesterday the UK service sector recorded a slight and unexpected growth during July.
The performance put it out of kilter with other UK sectors, in which the outlook remains gloomy.