According to the latest survey of the retail sector by CBI, the retail sales in UK rose at the fastest speed in this July since 2007 April. The business group CBI has said that the sales were gone up because of the warm weather, world cup and annual summer discounts.
The clothing, footwear, leather and grocers sectors have reported the strongest growth in sales.
According to the Distributive Trades Survey, which monitors 20,000 outlets across UK, the sales are expected to rise in the next month also.
The survey reported that 51% of the retailers have seen strong growth in sales but 18% of the retailers reported a fall in their sales. This difference of 33% in the retailers with the loss and profits was well above the previously expected figure of 11%.
According to the head of economic analysis of CBI, Lai Wah Co the retailers are very confident that the sales will continue to grow in the next month. He has also said this growth was expected but not with this huge amount. This growth was recorded despite of the public spending cuts which give strong confidence to the market.
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