UK Retail Sales Fall in October, Adding to Gloomy Economic Outlook
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UK retail sales fell 0.3% in October, below economists' forecasts of a 0.3% rise. This indicates weak consumer spending.
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The data adds to evidence of a struggling UK economy with stagnant growth and high inflation.
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Retail sales volumes dropped to pre-pandemic levels, now back at 2018 levels.
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The Bank of England may be forced to lower interest rates next year due to the economic outlook.
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Despite the downturn, major UK retailers remain confident about Christmas trading prospects.