'Dismal' month for supermarkets pushes down retail sales
Summary
Retail sales in the UK dropped by 2.7% in May, marking the largest decline since December 2023. The decrease was mainly due to lower supermarket sales, with people buying less alcohol and tobacco. Government borrowing reached £17.7 billion in May, the second-highest level for May on record.Key Facts
- Retail sales fell by 2.7% in May, the biggest monthly drop since December 2023.
- Supermarkets reported reduced sales, especially in alcohol and tobacco.
- In April, retail sales had risen by 1.3% due to good weather, contrasting the decline in May.
- Government borrowing in May was £17.7 billion, the second-largest since 1993.
- Income tax and National Insurance revenue rose, but spending increased more, partly due to inflation-related benefit adjustments.
- Retail sales from March to May were still 0.8% higher compared to the previous three months.
- The UK economy grew by 0.7% in the first quarter of the year, but it shrank by 0.3% in April.
- The UK government has borrowed £37.7 billion in the first two months of this financial year, less than forecasted.
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