UK Retail Sales Decline Sharply In March: CBI

(RTTNews) - UK retail sales declined sharply in March amid weaker confidence, the Distributive Trades survey results from the Confederation of British Industry showed on Tuesday.

The retail sales balance fell to -41 percent in March from -23 percent in February. The balance was worse than forecast of -28 percent. This was the sixth consecutive fall.

However, the balance of retailers forecasting sales to fall in April slowed to -30 percent.

A net 27 percent of respondents said online retail sales volumes decreased in the year to March compared to -28 percent in February. "Firms across the retail and wholesale sectors reported that global trade tensions and the Autumn Budget are weighing on consumer and business confidence, which is leading to reduced demand," CBI Principal Economist Martin Sartorius said.

"Tomorrow's Spring Statement is likely to focus on the persistent challenges facing the UK economy, reinforcing the need for policies that boost businesses' confidence to invest," Sartorius added.