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Financial News: UK Retail Sales Fall At Fastest Pace Since

UK Retail Sales Fall At Fastest Pace Since Late 2017: CBI

05/24/2019 - 06:17:00 (RTTNews)

(RTTNews) - UK retail sales declined at the fastest pace since October 2017, quarterly Distributive Trades Survey from the Confederation of British Industry showed Friday.

A balance of -27 percent reported a decline in sales volume in May. However, a 7 percent forecast a pick-up in volume.

The survey showed that 42 were retailers, also showed that the volume of sales for the time of year were at their poorest since March 2009.

The volume of orders placed on suppliers slumped in the year to May, with the balance at -41 percent.

"This month's survey paints a dismal picture of business conditions for retailers, who face a grim combination of tough trading conditions, Brexit uncertainty and a burdensome outdated business rates regime, which have collectively pushed investment intentions to a record low," Anna Leach, CBI deputy chief economist, said.

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