British retail sales growth slows 

Dhaka,  Thu,  17 August 2017
Published : 08 Aug 2017, 13:05:38
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UK retail sales growth slows in July

British retail sales growth slows 
British consumer spending fell for the third month in a row in July in its longest losing streak in over four years, according to data released on Monday.

Overall consumer spending, the engine of the British economy, dropped by 0.8 per cent in real terms last month compared with July 2016, payments company Visa said.

That was quicker than June's 0.2 per cent fall, and following a further drop in May it marks the longest consecutive decline since February 2013.

Visa's data chimed that households are under financial pressure - from lacklustre retail sales to falling new car registrations and mortgage approvals.

Spending on transport and communications and on clothing and footwear took the biggest knocks, down by 6.1 per cent and 5.2 per cent respectively.

The fall in sales of clothing - a sector especially reliant on imports - was the second-biggest in five years, after an even larger drop in May.

Visa pointed to continued strength in spending on hotels, restaurants and bars, as sterling's weakness deterred Britons from going abroad, according to Reuters.
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