Poor volume sales in July
Retail sales continued to fall in July, according to the CBI's Distributive Sales Survey. The report said volume sales were down for a net 18 per cent of retailers.

Taken as a whole, UK retailers have not experienced an increase in annual volume sales since the end of last year, the CBI said, reflecting the continually weakening consumer confidence.

However, it was not the same picture for all retail segments. Although clothing, furniture and flooring all had poor months, volumes grew in grocery.

Commenting on the latest data, CBI director-general Sir Digby Jones said: 'With the exception of grocery, the deterioration in retail sales volumes is continuing. As the risk of inflation remains low, a timely cut in interest rates by the Monetary Policy Committee on Thursday is essential to maintain growth and consumer confidence. The argument for a wait and see approach is fading fast. It is time for the Bank of England to get off the fence.'

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