Retail sales growth cools after summer spending spree

CBI gauge falls further than expected with wage growth sluggish and inflation high

UK retail sales growth slowed significantly in October as British consumers reined in their spending after a summer spree fuelled by warm weather and the World Cup, according to the latest industry figures.

The latest snapshot from the Confederation of British Industry showed retail sales growth dropped to the weakest level since April, while separate government figures showed an increasing number of UK companies entering insolvency as trading conditions remain tough on the high street.