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Financial News: UK Retail Sales Recover In July: CBI

UK Retail Sales Recover In July: CBI

07/28/2020 - 07:08:00 (RTTNews)

(RTTNews) - UK retail sales grew in July after three months of sharp declines due to the restrictions imposed to contain the spread of the coronavirus, the monthly Distributive Trades Survey data from the Confederation of British Industry showed Monday.

The retail sales balance rose to +4 percent in July from -37 percent in June. Economists had forecast the balance to improve moderately to -25 percent.

However, a net 5 percent expects sales to fall next month.

Alongside higher grocery volumes, sales of hardware & DIY products and other normal goods returned to growth in the year to July.

"The re-opening of non-essential retail was a vital step towards recovery but isn't a cure-all," Rain Newton-Smith, CBI chief economist, said.

"The Government has provided critical support for firms and jobs throughout the crisis. But ongoing financial pressures are a major challenge for some retailers, and additional direct support to shore up cash flow, such as extension of business rates relief, should be considered," the economist said.

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