UK retailers plan to cut jobs as spending slump deepens, says CBI
by Larry Elliott Economics editor from on (#6E4J4)
Barometer of retail activity falls for fourth consecutive month to lowest level since March 2021
Britain's retailers are planning to axe jobs and cut investment over the coming months as signs emerge of a deepening slump in spending by consumers, the latest snapshot of high street and online activity has shown.
In yet another sign of the impact of high interest rates on household budgets, the CBI said its barometer of retail activity had fallen for a fourth month in a row in August to stand at its lowest level since March 2021.
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