U.K. retail sales jump at fastest rate in 10 years

|By:, SA News Editor

U.K. retail sales grew at the quickest rate since May 2004 in April, jumping +6.9% on year vs +4.8% in March and beating consensus of +5.2.

On month, sales +1.3% vs +0.5% and consensus that was also +0.5%.

Excluding fuel, sales +1.8% vs +0.1% and +0.5%; on year, sales +7.7% vs +4.9% and +5.3%.

While the U.K. government will probably welcome the figures, the data may place a doubt on hopes of shifting the economy away from consumption. (PR)

Meanwhile, the Bank of England's Monetary Policy Committee voted unanimously, as expected, to keep interest rates at 0.5% and against more quantitative easing at a meeting earlier this month, the minutes of the meeting show. (PR)

The pound jumps and is +0.4% at $1.6913, while the FTSE is -0.2%.

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