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Cash Strapped Consumers Zip Wallets As UK Retail Sales Sag

Trend Summary: UK retail sales weaken as cash-strapped consumers hold back.

According to a survey conducted by the British Retail Consortium [BRC] on behalf of Barclaycard, UK retail sales in October declined by the most in seven months, indicating continued caution among consumers only weeks prior to ... 

... the crucial Christmas shopping season. 

The BRC reports that sales fell by one percent on a like-for-like basis and were up just 0.2 percent in total terms. In a separate report, Barclaycard said annual growth in household spending slowed to 2.4 percent last month from 3 percent in September, the weakest in more than a year.

Meantime Bank of England Governor Mark Carney said last week that while household finances have been “difficult” this year, “the worst of that real-income squeeze is ending.”

In addition to expecting inflation to peak this month, Mr Carney also forecasts a pickup in wage growth.

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[Estimated timeframe:Q4 2017]

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