British retail sales fall
for first time since 2005
British retail sales fell for the first time in three and a half years during October as consumers tightened their belts in a sagging economy, while the number of house sales in England and Wales dropped to a record low, surveys found Tuesday.
Both were tokens of Britain’s slide into what forecasters say will be a recession.
In its monthly survey, the British Retail Consortium said the nation’s total retail sales fell 0.1 percent in October from a year earlier, the first such fall since April 2005, when comparisons were distorted by the timing of Easter.
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In September, total sales were up an annual 1.0 percent.
In separate news, the Royal Institution of Chartered Surveyors said its survey of around 300 surveyor-real estate agents around England and Wales showed the average number of house sales in the three months to October fell to a new low as a lack of mortgage finance stifled potential buyers.
