June 25 (Reuters) – British retail sales slid further this month, with sales far below the norm expected for this time of year, according to a survey on Thursday that added to signs of a slowdown underway in Britain’s economy.
The Confederation of British Industry said its monthly retail sales balance, a gauge of sales volumes over the past year, fell to -54 in June from -46 in May.
For the three-month average to June, the balance fell to -56 from -55, the lowest reading since records began in 1983.
The CBI survey followed an unexpectedly downbeat reading from the closely-watched S&P Global business surveys, which do not cover retail but are widely viewed as an early indicator of economic growth.
“Retailers reported a gloomy start to the summer, with sales disappointing relative to seasonal norms to the greatest extent in over two years amid depressed consumer sentiment and rising cost pressures,” said CBI lead economist Martin Sartorius.
“A sharp fall in year-on-year retail sales was mirrored across the broader distribution sector, with wholesalers and motor traders seeing firm sales declines.”
A separate CBI survey on Tuesday showed British manufacturing orders deteriorated this month at the fastest rate since September 2020.
Sartorius said businesses needed clarity and stability from Britain’s likely next prime minister Andy Burnham, as well as policies that reduced the cost of doing business.
(Reporting by Andy Bruce; editing by Suban Abdulla)
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