MNI BRIEF: UK Retail Under Growing Pressure: CBI Survey

UK retail sales continued to decline in February as the country remains in lockdown and the full re-opening of the sector after lockdown "can't come soon enough to protect jobs and breathe life back into the sector," according to Ben Jones, Principal Economist at the Confederation of British Industries. However, a record increase in online sales provides a ray of hope for retailers and suggests that investments in on-line platforms and click-and-collect services maybe paying off.

According to the latest CBI survey retail sales fell sharply again in February to -45, albeit at a slight slower pace than in January. Grocers were the only retailers to report growth and most retailers expect another significant drop in sales in March.

"But with activity in town and city centres likely to take some time to fully recover, many retailers are still facing a difficult few months. They will be looking to the government to extend support in parallel with wider restrictions when the Chancellor unveils his budget next week," Jones said.