The pound is falling after UK retail sales fell at the fastest pace since the pandemic lockdown three years ago, fueling concerns that the economy could slide into a shallow recession. UK retail sales fell 3.2% MoM in December, worse than the 0.5% drop that economists had forecast. This comes after an upwardly revised 1.4% MoM growth in November when Black Friday sales supported sales. The data points to a picture of a stagnating economy as 15-year high interest rates and still high inflation mean households are still being squeezed. The data contrasts sharply with the picture in the US, where shoppers spent heavily ... (full story)