Welcome to our rolling coverage of business, financial markets, and the world economy. In Great Britain, retail sales plummeted by 1.2% last month due to poor weather and cost of living pressures.
Sales volumes fell by 1.2% in June following a strong 2.9% increase in May, surprising economists who expected a smaller decline. Most sectors experienced sales drops, with non-food stores seeing a 2.1% decline and supermarkets posting a 1.1% drop.
Department stores, clothing shops, and furniture stores were major contributors to the fall in retail sales, according to Grant Fitzner, the ONS chief economist. The government borrowed £14.5bn in June, £3.2bn less than the previous year, marking the lowest June borrowing since 2019.
Retail sales across all main shop types fell, except for petrol stations. Poor weather and economic conditions led to cautious consumer spending.
Analysts had predicted borrowing of £12bn, and interest on government debt decreased by £5.5bn to £7.4bn due to changes in the retail prices index.
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