UK CBI realized sales rose to 4 in July, up from -37. That is, sales were “broadly flat” in the year to July after three months of sharp declines. Nevertheless, sales expected to dip slightly in August, with reading at -5.
Rain Newton-Smith, CBI Chief Economist, said: “The re-opening of non-essential retail was a vital step towards recovery but isn’t a cure-all. The Government has provided critical support for firms and jobs throughout the crisis. But ongoing financial pressures are a major challenge for some retailers, and additional direct support to shore up cash flow, such as extension of business rates relief, should be considered.”
