UK retail sales slide in Jan: fastest pace since 2021

The Confederation of British Industry’s (CBI) monthly retail sales balance, a gauge of sales versus a year ago, fell in January to -50 from -32 in December, the lowest reading since January 2021 when Britain was in a COVID-19 lockdown. The survey pointed to an equally dismal February. Looking ahead, demand conditions in the sector will remain challenging as higher interest rates continue to feed through to mortgage payments and household incomes.