Conservative majority sent us on a shopping spree? Pull the other one | Larry Elliott

'Boris bounce' theory is disproved by industry, with CBI painting relatively downbeat picture

Tills are ringing merrily in the high streets and it is all down to Boris Johnson. Thanks to the prime minister the dark clouds of uncertainty are scudding away and a grateful nation feels free to start spending again.

Really? Sure, there was a chunky rise in retail sales in January but in the latest three months - a better guide to the underlying trend - they were up by only 0.8% on the same period a year earlier. This is the weakest annual growth since 2013.