UK retailers' sales decline eases in July, CBI reports
The Confederation of British Industry (CBI) said British retailers recorded the smallest sales downturn in six months in July, with its headline distributive trades balance improving to -26, up from -54 in June and the highest reading since January. Sales were judged below normal by the smallest margin since February. CBI economist Martin Sartorius noted that the decline lost steam but a recovery still appears distant due to lingering cost pressures.
The CBI expressed hope that new Prime Minister Andy Burnham's pledge to boost growth will include lower property taxes for high‑street retailers and measures to curb rising labour costs while preserving hiring flexibility. Wholesalers reported broadly unchanged sales volumes in July, the first such stability in over two years. Retailers' expected sales volume for August rose to -26 from -45, the strongest forecast since March. Office for National Statistics data showed a 5.4% annual volume growth excluding fuel for the year to June, aided by a heat wave that spurred purchases of summer clothing and fans. The CBI survey covered 67 retail chains and 105 wholesalers between 26 June and 14 July.
Entities: Andy Burnham · Confederation of British Industry · Martin Sartorius · Office for National Statistics · UK retailers
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 3 SOURCES] UK retailers' sales drop in July was the smallest in six months. (CBI)
- [● 3 SOURCES] CBI called for lower property taxes for high‑street retailers in Andy Burnham's growth pledge. (CBI)
- [● 3 SOURCES] CBI headline distributive trades balance rose to -26 in July from -54 in June. (CBI)
- [● 3 SOURCES] CBI economist Martin Sartorius said the downturn lost steam but recovery still looks some way off. (CBI economist Martin Sartorius)
- [● 3 SOURCES] Wholesalers reported broadly unchanged sales volumes in July, the first such stability in over two years. (CBI)
- [● 3 SOURCES] Retailers' expected sales volume for August rose to -26 from -45, the strongest forecast since March. (CBI)
- [● 3 SOURCES] The -26 balance is the highest reading since January. (CBI)
- [● 3 SOURCES] Sales were judged below normal by the smallest margin since February. (CBI)