Slowing retail sales are the topic of two of this morning's papers with the Scotsman reporting an unexpected fall in sales in March, sparking speculation the feared consumer slowdown may now be taking hold.
The pound fell and interest rate futures surged on the 0.1% decline in sales as dealers scaled back expectations that the Bank of England will move soon to raise rates says the paper. Although the Scottish retail sector remains robust, the Office for National Statistics said that, for the UK as a whole, sales fell, confounding expectations for a rise of 0.4%. The dip pushed down the annual rate of increase to 2.7%, its weakest performance since August 2003. Earlier this week the ONS reported British inflation rose to its highest in nearly seven years and just below the Bank’s 2% target...
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