UK retail sales rise in August

Official data showed today that the Confederation of Industry's measure of sales volume compared to last year in the United Kingdom rose to 60 points in August from 23 points in July, the highest level since December 2014. The increase this month is the largest increase in spending in nearly seven years, with orders recording a new high. Analysts had expected that the Confederation of Industry's measure of sales volume compared to last year would record 20 points in August.

CBI said retailers reported selling prices in the three months to August rose at the fastest pace since November 2017 and that the picture for the following quarter looked similar, and the Bank of England is monitoring how much Britons are spending in savings accumulated during the lockdown.