Retail sales record unexpected fall - papers 22nd Arpil

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...