The slowing pace of retail price inflation fed through into slower sales this July. Spend was further depressed by the damp weather, which did no favours to sales of clothing, and other seasonal goods. Online retail was particularly hard hit as the long-term trend back to in-store spending continued, leading to the lowest online penetration rate since the pandemic began. Consumer confidence remains fragile, with last week’s rise in interest rates pushing mortgage rates up ever higher. The Government must get a handle on the economy, offering a solution to languishing GDP growth in a way that supports both households ... (full story)