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Financial News: UK Retail Sales Log Fastest Growth In More

UK Retail Sales Log Fastest Growth In More Than 4 Years: CBI

06/25/2021 - 07:10:00 (RTTNews)

(RTTNews) - UK retailers reported the fastest growth in sales in more than four years in June, data released by the Confederation of British Industry showed Friday.

The retail sales balance rose to +23 percent in June from -3 percent in May. This was the highest level since November 2016.

This increase was the latest sign that the success of the vaccination programme is feeding through to stronger consumer confidence which, along with the re-opening of hospitality, is encouraging shoppers back onto the streets, Ben Jones, principal economist at the CBI, said.

But the sector remains a long way from a full recovery, said Jones. The return of demand is patchy, with inner-city footfall still well down.

Data showed that growth in internet sales slowed sharply in the year to June, to the weakest pace since April 2020.

Wholesalers reported the most positive sales performance in relation to seasonal norms since November 2018, with the balance rising to +34 percent from +18 percent.

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