Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

UK retailers post big drop in sales, CBI says

Published by Global Banking and Finance Review

Posted on January 24, 2025

Featured image for article about Finance

(Reuters) - British retailers reported a sharp drop in sales volumes during the year to January and they expect no improvement next month, an industry survey showed on Friday which added to a run of glum news on the economy.

The Confederation of British Industry's monthly gauge of retail sales fell in January to -24 from -15 in December, the lowest reading since August last year.

The survey's gauge of expected sales for the month ahead fell to -26 from -11 in last month's survey.

A separate survey from GfK published earlier on Friday showed a big drop in consumer confidence this month.

"Retailers cited weak demand and downbeat sentiment as continuing strains on business conditions," said Martin Sartoius, principal economist at the CBI.

"The combination of a faster fall in retail sales volumes and firm declines in wholesale and motor trades resulted in the total distribution sector seeing the sharpest annual sales drop in a year."

(Reporting by Andy Bruce; Editing by William Schomberg)