Economic news

Britain’s downbeat retail data makes rate hike improbable

UK’s consumer economy could not bounce back last month following adverse weather conditions that forced customers to sit at home in the preceding month, which comes on top of other negative data making interest rate hike by the BoE improbable.

Confirming growth easing this year, retail spending shrank by 3.1% last month compared to April 2017, while March figures showed a 2.3% upswing, yesterday’s data by the British Retail Consortium says.

And though the slump emphasizes that sales galvanizing Easter took place in March this time, and not April, the BRC believes that fundamental factors imply no big boost.

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