UK Retail Sales Drop, Consumer Confidence Wanes

British retail sales plummeted in October, marking the first monthly decline since May, and indicating a potential slowdown in consumer spending. Household confidence also took a hit, with a key measure dipping this month. Analysts had predicted sales to remain flat, so this decrease was unexpected. Compared to last year, retail sales were only slightly higher, much lower than forecast. Public morale also dropped, suggesting people are bracing for difficult news in the upcoming budget. Government borrowing was higher than anticipated, adding to the challenges facing the finance minister, who may need to raise billions through increased taxes.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.