LONDON, April 27 (Reuters) – British retailers reported the sharpest year-on-year decline in sales in more than 40 years as the Iran war raised households’ inflation fears, a survey from the Confederation of British Industry showed on Monday.
The CBI’s monthly retail sales volume measure dropped to -68 in April from -52 in March, its lowest reading since the series started in 1983.
Expectations for May also darkened, dropping to -60 from -49, the gloomiest outlook since March 2021 during the COVID-19 pandemic.
“With the economic impact of the Iran conflict becoming clearer, firms will be looking to government to recognise that easing cost of living pressures depends on tackling the cost of doing business,” CBI economist Martin Sartorius said.
The CBI called on the government to stop new employee rights legislation from boosting employers’ costs too much, reduce their property taxes and lower electricity bills.
“Some retailers reported that weak consumer confidence was weighing on spending in April,” the employer organisation added.
The survey was based on response from 61 retail chains collected between March 26 and April 14.
(Reporting by David MillikenEditing by William Schomberg)
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