The Confederation of British Industry (CBI) reported UK retail sales reached a six-month high in July.
According to a survey of 60 retailers, footwear and clothing sales rose at the quickest pace and sale prices and warm weather are believed responsible for the increase. Also, 43 percent of survey participants reported higher July sales compared with the same period last year, though 26 percent stated that sales were lower. The resulting balance of +17% was first increase in five months.
Stephen Gifford, director of economics for the CBI, stated: "The feel-good factor from the heatwave and early summer sales has helped boost high street sales after a very weak start to the year.”
Additionally, 39 percent of those surveyed expect continuing warm temperatures and price discounts will result in a sales increase in August.