UK retail sales weaken in ‘summer to forget’; stock markets rise as Nvidia surges – as it happened

Rolling live coverage of business, economics and financial markets as hopes for end of the rate hike cycle also boost shares

UK retail sales volumes dropped in the year to August at the fastest pace since coronavirus pandemic lockdowns in March 2021, according to new data from the Confederation of British Industry (CBI).

The balance of retailers that reported a sales decline rose to 44%, a level seen only once between the pandemic and the global financial crisis in 2008, according to a weighted poll of CBI retailer members, which is concentrated among the largest companies (albeit with significant changes since the scandal over sexual misconduct).

Retail sales in August fell at their quickest pace in over two years, culminating a summer that many retailers would rather forget.

Against a backdrop of rising interest rates and weak demand, retailers foresee cuts to investment over the next year, while employment is expected to fall again next month.