UK Retail Sales Stagnate Amid Pre-Budget Concerns

Consumer spending in the UK showed minimal growth in October due to budget uncertainty and rising energy costs.

October retail sales in the UK increased by only 0.6% compared to last year, significantly lower than the previous year's growth rate of 2.6%.
The British Retail Consortium noted that fashion sales were particularly affected by mild weather, while health and beauty products maintained strong sales.
The recent budget introduced over £5 billion in new costs for retailers, including increased employer national insurance contributions and business rates.
Barclays reported a slowdown in consumer card spending growth to 0.7% in October, down from a 1.2% rise in September.
Despite economic uncertainties, spending on non-essential items like concert tickets saw a 2.1% increase, driven by popular performances such as Coldplay.