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FT editor Roula Khalaf selects her favorite stories in this weekly newspaper.
UK retail sales were weaker than expected in November, reflecting a bearish mood among consumers as growth rates declined and unemployment rose.
Sales volumes declined 0.1 percent this month, according to the Office for National Statistics, following a revised decline of 0.9 percent in October. Analysts polled by Reuters had predicted growth of 0.4 percent last month.
The slow activity came a month in the shadow of Chancellor Rachel Reeves’s second budget. She announced more tax rises in October 2024 in addition to a £40bn package as she seeks to fund higher welfare spending and increase her fiscal headroom.
Savings rates are high and spending has slowed as UK households look to strengthen their personal finances in the wake of the pandemic and energy-price shocks.
The Bank of England cut interest rates to 3.75 percent on Thursday in response to declining inflation and reduced demand.
