GBP: One of the wettest July months on record sees retail sales down across the UK

From youtube.com/igcom

UK retail sales fell more than expected in July, down 1.2% month-on-month, as the unusually wet weather saw shoppers stay inside. Economists had expected a drop, but by a far smaller -0.5%. As IGTV’s Jeremy Naylor explains, those very same economists will now be working out what this means for the Bank of England. Elevated inflation remains so there is still a need for another rate rise and with evidence of relatively robust growth in June there will be some of the Monetary Policy Committee that will want to keep the pressure on. However, these retail sales numbers show the consumer is finding the going tough.