Pound drops after UK sales figures fall
The pound lost ground against the other currencies on Tuesday after a report by the CBI (Confederation of British Industry) reported that sales on UK’s high streets were falling at an alarming rate.
In the survey the CBI stated that a huge 61 percent of people who were asked said that their retail sales had fallen compared to the same time last year, while only 25 percent reported a rise in sales.
The reports chart shows a balance of minus 36 percent and is the lowest figure since it was introduced in July 1983. The figures are a stark contrast to June’s figures of minus 9 percent and worse than many analysts’ predictions of minus 15 percent.
The report does however show that the Bank of England was right to hold back from raising interest rates, with many analysts now forecasting that the next interest rate move will be down.