UK retail sales exceed expectations in October

| November 18, 2010 | 0 Comments
”UK

According to the Office for National Statistics (ONS), UK retail sales grew in October for the first time in three months.

The ONS said sales rose 0.5% in October on a monthly basis - beating analysts expectations of a 0.4% gain.

Stripping out volatile fuel prices, retail sales grew 0.3% in the month.

However, on an annual basis, retail sales were down 0.1%.

Many economists suggest that the forthcoming VAT increase, scheduled for January next year, might boost sales towards the end of the year.

In related news, last month’s CBI distributive trades survey found that retailers are currently optimistic – particularly about the run-up to Christmas.

In addition, the John Lewis Partnership, which is regarded as a barometer of British retailing, said sales rose sharply in the week to 13 November as Christmas shoppers took to the High Street.

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