UK retail sales see sharpest annual decline since 1983
A CBI survey shows British retail sales volumes fell to a record low in April as the Iran conflict fueled inflation fears. Retailers expect further weakness.
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Retailers in the United Kingdom are facing the sharpest annual decline in sales volumes in over four decades, according to the latest data from the Confederation of British Industry (CBI). The organization's monthly gauge of retail activity plunged to -68 in April from -52 in March, marking its lowest point since the survey began in 1983. The data reveals a stark reality for the sector, with 77% of businesses reporting a drop in sales compared to the previous year, while only 9% saw an increase.
