• UK retail growth slows

Retail sales growth slowed in July, increasing by 0.5% like-for-like in July, down from a 1.2% rise in June, according to the British Retail Consortium and KPMG.

Total sales rose by 2.6%, against a 3.6% increase in July 2009. Stephen Robertson, BRC director general, said: “Talk of public spending cuts is unsettling customers and they are concentrating on essentials.  It’s clear the recovery continues to need support. The Bank of England must resist pressure to increase interest rates too soon.”

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