Nov 25, 2010
Retail sales growth in UK picks up in November
Nov 25, 2010
LONDON | Thu Nov 25, 2010 - Retail sales growth accelerated in November and retailers expect demand to hold firm in the crucial Christmas shopping season, a survey by the Confederation of British Industry showed on Thursday.
The CBI's distributive trades survey reported sales balance rose to +43 in November from +36 in October, confounding expectations for a decline to +33.
Retailers were confident the improvement would continue, with an expected balance for December of +45.
The CBI survey has shown robust retail sales growth for the past five months. However, a rise in VAT sales tax at the start of 2011 may cloud the longer-term outlook.
However, an additional quarterly survey of retailers showed stores were slightly less upbeat about the future than they were in August, with the business situation balance easing to +11 from +22. "High Street sales growth held up well in November and retailers are hopeful that the run-up to Christmas will be just as strong," said Ian McCafferty, CBI chief economic adviser.
"However looking into the New Year, retail sales growth may lose some of its sparkle, as consumers rein in spending after Christmas."
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