Consumers are nervously awaiting the budget, reports data provider GfK, wiping out recent recovery in confidence

Newsflash: UK retail sales have jumped last month, despite the slump in consumer confidence.

The Office for National Statistics has reported that the volume of goods bought in August rose by 1%, following a 0.7% rise in July.

“Retail sales rose in August as warmer weather and end of season promotions helped to boost sales, most notably for clothing and food shops. Supermarkets, in particular, contributed to the largest annual rise for food sales since the summer of 2021.

“Looking at the broader picture, retail sales have also increased across the three month and annual period, following strong growth from online retailers. However, sales overall remain slightly below their pre-pandemic level.”