LONDON (ShareCast) - It proved hard to part British shoppers from their cash this month as worries about soaring household bills sent high street sales to their lowest in 25 years.
The Confederation of British Industry's (CBI) distributive trades survey showed 61% of respondents said retail sales were worse than a year ago. Just 25% reported a rise.
The net balance of -36% was the weakest read since records began in July 1983 and much lower than the -9 reported in June. It also surprised analysts who'd predicted a read of -15%.
"It is turning out to be a very grim summer for many retailers," said Andy Clarke, chairman at the CBI distributive trades panel.
"Pressure from higher fuel and food prices is prompting many people to rein in their spending, proving that value retailing has never been more important."
Source: http://uk.biz.yahoo.com/080729/214/i3zol.html
