UK retailers hit by sharp drop in spending as inflation soars

Boost in demand in June on back of jubilee celebrations fails to prevent third successive fall

Britain's retailers are suffering the sharpest drop in spending since the depths of the coronavirus pandemic as hard-pressed consumers tighten their belts as a result of soaring inflation.

The monthly health check from the British Retail Consortium (BRC) reported a third successive drop in activity as the cost of living crisis continued to bite.