Retailers Stockpile in Face of Brexit Uncertainty, CBI Reports

(Bloomberg) -- U.K. retailers built up stocks by the most since the 1980s in anticipation of leaving the European Union at the end of the month, a report from the Confederation of British Industry showed.

The proximity to Christmas and ongoing Brexit uncertainty are the main drivers, the CBI said. With the EU agreeing to a Brexit deadline extension until the end of January, businesses probably won’t get clarity on the U.K.’s relationship with the EU any time soon.

Retail sales volumes and orders fell in the year to October for a sixth consecutive month, the longest period of decline since the financial crisis. Still, growth in online sales picked up, the CBI report showed.

To contact the reporter on this story: Jill Ward in London at jward98@bloomberg.net

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint, Lucy Meakin

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