UK retail sales rise a little in March - CBI

25th Mar 2024 12:22

(Sharecast News) - UK retail sales rose a little in the year to March, according to a survey released on Monday.

The Confederation of British Industry's retail sales balance increased to +2 from -7 in February following 10 consecutive months of decline.

However, the survey also found that retailers expect sales to fall again next month.

CBI principal economist Martin Sartorius said: "The stabilisation of retail sales in March should give some hope that the sector's downturn is bottoming out. The earlier timing of Easter will likely mean weaker year-on-year sales in April, but easing inflation should support retail spending going forward.

"In order to drive a sustainable recovery in the retail sector, the Government should look to reform business rates. Rethinking the current system to reward investment and better align rates to the economic cycle would help encourage retailers to invest and grow after a difficult year of trading."