SALES GROWTH SLOWS DOWN
■ British retail sales growth slowed more than expected in October as consumers retrenched after a summer shopping spree driven by warm weather and the England team’s success at the World Cup.
■ The Confederation of British Industry’s monthly retail sales gauge fell to +5 in October from September’s +23, its weakest level since April.
■ A Reuters poll of economists had pointed to a much smaller decline to +20.
■ CBI economist Alpesh Paleja said: “Retail sales have begun to cool, as the boost from the summer heatwave and World Cup celebrations fades away.
■ “The double whammy of the sluggish recovery in household incomes and digital disruption is making trading conditions tough, and prompting a deeper structural shift in business models.”