Retail sales volumes have significantly dropped for the sixth month in a row, according to the CBI Distributive Trades Survey. The weighted balance shows sales down by -41% as of March, with April forecasts suggesting a slightly slower decline. Online and wholesale sales also contracted rapidly, compounded by global trade tensions and economic uncertainties. Analysts expect the upcoming Spring Statement to address these challenges and propose reforms, such as business rate adjustments, to bolster investment and confidence within the retail and wholesale sectors.
Annual retail sales volumes fell markedly in March and are expected to continue declining next month.
Firms across the retail and wholesale sectors reported that global trade tensions and the Autumn Budget are weighing on consumer and business confidence.
The Spring Statement is likely to focus on the persistent challenges facing the UK economy, reinforcing the need for policies that boost businesses' confidence.
Reforming business rates, supporting the British Business Bank's Growth Guarantee Scheme, and properly resourcing the Growth and Skills Levy could support businesses' investment plans.
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