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UK retail sales plunge at fastest annual pace since 2009: Survey

Brexit vote in June 2016 led to big fall in the value of sterling, which has pushed up inflation

Reuters  |  London 

British retail sales plummeted in October at the fastest pace since early 2009 when the country was last in recession, according to a survey that could deepen economists' doubts about the wisdom of raising interest rates next week. With the economy having perked up slightly in the third quarter, it looks very likely that the Bank of England will in a week's time deliver Britain's first rate hike in more than a decade. However, more than two-thirds of economists in a Reuters poll published on Tuesday said now was not the time for a hike. That majority view was ...

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First Published: Thu, October 26 2017. 18:35 IST