Activity on Britain's High Streets increased twice as fast as expected last month, signalling a strong build up in momentum ahead of Christmas Retail sales rose by 0.8pc in October from September, higher than analysts' forecasts of a 0.4pc increase, according to National Statistics. On a year-on-year basis, retail sales growth was 6.0pc, the largest jump in the year-on-year strong rate since April The Bank of England voted seven to two this month to leave interest rates on hold at 4.0pc and this morning's consumer figures will further cement the view that it is not likely to reduce rates soon
The statistics follow other evidence this week that the British consumer is still willing to spend. This morning, Britain supermarket chain Safeway posted in line interim results, just a day after Sainsbury beat expectations for the fiscal half year to September In the three months to October, sales rose 1.6pc on the previous three months, National Statistics said, and were up 5.3pc from a year ago. Sales of clothing, footwear and other textiles jumped 1.8pc over the three months as shoppers hit the stores for warmer winter clothes ///www.fxcentre.com