The squeeze on UK consumers continue as retailers are reporting a downturn in sales in December, adding to the gloomy outlook heading into next year. The expected sales reading for next month also fell sharply to -41, its weakest since the record low of -62 in March 2021. CBI notes that:
“Strained household finances and higher interest rates continue to take a toll on consumer spending, suggesting that retailers will have to navigate a tough demand environment in the months to come.”