January retail surge gives way to gloomy February

Concerns over falling wage growth and economic slowdown take toll on high street, CBI survey shows

A bumper January for retailers has turned into a lacklustre February as shoppers reacted to news of falling wage growth and the slowing economy by closing their wallets and deserting the high street.

The CBI's quarterly survey of retailers found that sales dropped below normal in February and that shop owners expected next month to be even worse.