The UK economy continues to defy “cataclysmic predictions” of a 2023 slowdown as retail sales were up by 0.5% in April, but economists warn it’s only a matter of time before rising interest rates force customers to cut back.
Growth was ahead of expectations, according to today’s official figures, as shoppers returned to the high street after historically wet weather kept them home in March. Department stores saw the fastest growth at 1.6%, but sales were also up at supermarkets for the first time since August 2022, despite the surging cost of food, as well as at clothes shops and online.
