UK Retailers Expect Sales To Decline Sharply In May: CBI

(RTTNews) - UK retailers expect sales to contract sharply in May due to the impact of Autumn Budget measures, weak consumer confidence and global economic uncertainty, the Distributive Trades Survey from the Confederation of British Industry showed on Monday.

A net 8 percent of retailers said sales declined in the year to April compared to -41 percent in March. This was the seventh consecutive fall. Economists had forecast the balance to fall to -21 percent.

A net 33 percent of said sales will fall gain next month.

Around 38 percent of retailers said sales will fall short of seasonal norms to a greater degree in May.

The survey showed that online retail sales remained broadly flat in April and a net 2 percent expect sales to rise next month.

"With no sales recovery on the horizon, firms across the distribution sector want to see the government use every lever available to boost business and household confidence during these challenging times," CBI Principal Economist Martin Sartorius said.