Business
UK shoppers cut back on spending ahead of budget, CBI says
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LONDON (Reuters) – British retailers reported a fall in sales for October as consumers held off on spending ahead of this week’s budget announcement by finance minister Rachel Reeves, the Confederation of
LONDON (Reuters) – British retailers reported a fall in sales for October as consumers held off on spending ahead of this week’s budget announcement by finance minister Rachel Reeves, the Confederation of British Industry said on Monday.
The CBI’s monthly retail sales survey – conducted between Sept. 26 and Oct. 15 – showed the headline balance dropped to -6 from +4 in September.
Retail sales volumes slipped back slightly in October, with some firms highlighting increased consumer caution ahead of this week’s Autumn Budget as a key factor,” CBI Principal Economist Martin Sartorius said.
The survey showed retailers expected a flat performance in November.
Measures of consumer and business confidence have dipped before Wednesday’s first tax-and-spending announcement of the new government which Prime Minister Keir Starmer has warned will include painful measures to fix the country’s public finances.
(Writing by William Schomberg; Editing by Suban Abdulla)
Retail trade refers to the sale of goods or services directly to consumers. It involves various businesses, from small local shops to large department stores, that sell products to the public.
Consumer perception is how individuals view and interpret a brand or product based on their experiences, beliefs, and attitudes. It significantly influences purchasing decisions and brand loyalty.
Business investment refers to the allocation of resources, usually financial, into a business to generate profit. This can include purchasing equipment, expanding operations, or investing in new projects.
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