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Olympics dents UK retail sales

Retailers failed to bask in the glow of Team GB's Olympic success last month after figures showed the sector's worst sales this year.

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'Consumer confidence at near record low'

Howard Archer, chief UK and European economist at IHS Global Insight said that retail sales may have also been limited by people avoiding the shops in London during the Games over fears of excessive congestion on the transport system.

He said

Reinforcing belief that consumer spending is likely to be limited in the near term at least, consumer confidence remains mired near record low levels, amid elevated concerns over the economy.

Indeed, even the 'feelgood factor' arising from the successful Olympic Games failed to lift consumer confidence in August, which is somewhat worrying.

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