U.K. Retail Sales Stay Flat With No Sign of Imminent Pickup
U.K. Retail Sales Stay Flat With No Sign of Imminent Pickup
(Bloomberg) --
U.K. retail sales stayed flat for a third month in the year to January, and firms see no prospect of a rebound next month, according to the Confederation of British Industry.
The report Tuesday indicated retailers are yet to see the positive impact of Boris Johnson’s decisive election win that has appeared private surveys of sentiment this month.
“A challenging Christmas has extended into the New Year, with little expectation of any improvement soon,” said Anna Leach, the CBI’s deputy chief economist. “2020 looks set to be another tough year for the sector.”
The release is one of the last economic reports due before the Bank of England announces its latest policy decision on Thursday. Investors are currently pricing in a 56% chance of an interest-rate cut, after a number of officials indicating they would be watching incoming data closely before making up their minds on whether to vote for easing.
To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net
To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Brian Swint
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