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Retail sales return to growth across Great Britain, boosted by Euro 2024 and discounts
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Today's agenda
A busy week for UK economic data ends today, with the news that retail sales across Great Britain have returned to growth.

Retail sales volumes rose by 0.5% in July, the Office for National Statistics reports. That follows a fall of 0.9% in June when households cut back amid poor weather, and election uncertainty.

Department stores and sports equipment stores reported a boost in sales “following summer discounts and sporting events” last month, the ONS says.

Sales volumes were 1.4% higher compared with July 2023, when bad weather hit the high streets.

However, volumes are still 0.8% lower than pre-pandemic levels.

The pattern of spending was mixed, though.

Sales volumes at non-food stores rose by 1.4% in July – driven by higher takings at department stores – after a 1.9% drop in June.

Retailers suggested that summer discounting and sporting events, such as the Euro 2024 football tournament, boosted sales.

But automotive fuel sales volumes fell by 1.9% in the month.

The ONS director of economic statistics Liz McKeown said: “Retail sales grew in July led by increases in department stores and sports equipment shops with both the Euros and discounting across many stores boosting sales.

“These increases were offset by a poor month for clothing and furniture shops, and falling fuel sales, despite prices at the pump falling.”

The agenda
• 10am BST: eurozone trade balance 10am
• 1.30pm BST: US building permits/housing starts 1.30pm
• 3pm BST: University of Michigan’s US consumer confidence 

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