High Street sales hit three-year high

Retail sales are growing at their fastest pace in three years, thanks to warm weather and school holidays, according to the Confederation of British Industry (CBI) whose whose most recent survey of retailers showed the sales balance has risen unexpectedly to +35.

In the first two weeks of August, 53 per cent of retailers said sales had gone up, while only 18 per cent said they had fallen, leaving a balance of +35. It is the highest reading since April 2007.
 
The CBI's quarterly survey showed an even stronger performance, with the rise in the retail business situation balance to +22 from +5 in May - the highest reading since May 2004.
 
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