Retail sales grow by 3%

Retail sales grew by 3.0% in July 2013 compared with July 2012, the Office for National Statistics said.

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British Retail Consortium: 'Growth figures are strong'

The British Retail Consortium has welcomed the latest growth figures describing them as "very strong".

British retail sales rose at their fastest annual rate in over two years in July, with the hot weather leading consumers to buy more food and outdoor products.

John Munro from the British Retail Consortium, told ITV News that the high street was offering the right deals to tempt consumers.

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'People are spending more than they earn' in the shops

Leading economists have warmly welcomed the latest rise in retail sales, but caution that the rise is based on consumers spending more than they earn.

Real household disposable income is negative and going down, and this is basically telling you that people are definitely feeling the feel-good factor of the Help to Buy scheme pushing up house prices.

People are prepared to spend more than they earn. This is bad growth but I'd rather have bad growth than no growth.

– Alan Clarke, Scotiabank

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High street hopes for further growth in retail sales

Summer sales improved the retail figures in June Credit: Jonathan Brady/PA Wire

This month's retail sales figures will be released by the Office of National Statistics later, with the high street hopeful that the growth they have experienced over the past few months continues.

The British Retail Consortium says that many shops hope for a fourth consecutive month of growth.

The birth of Prince George, a heatwave and summer discounts have all been attributed to a rise in sales figures over the past few months.

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