British retail sales have fallen at their fastest pace since December 2008. The Confederation of British Industry's (Reuters) survey of retailers, which looks at the difference between those reporting rising and falling sales volumes, fell to -49 in August from -16 in July, worse than the -11 estimate of a CBI poll. The Reuters found retailers were cutting orders with suppliers at a near-record pace and are building up stocks. Brexit uncertainty is thought to be making shoppers wary of making large purchases.
British retail sales have fallen at their fastest pace since December 2008. The Confederation of British Industry's (CBI) survey of retailers, which looks at the difference between those reporting rising and falling sales volumes, fell to -49 in August from -16 in July, worse than the -11 estimate of a Reuters poll. The CBI found retailers were cutting orders with suppliers at a near-record pace and are building up stocks. Brexit uncertainty is thought to be making shoppers wary of making large purchases.