LONDON, Aug. 22 (Xinhua) -- British retail sales volumes and orders both plunged at the fastest rate since December 2008 in the year to August, according to a survey revealed Thursday by the Confederation of British Industry(CBI).
CBI's latest quarterly Distributive Trades Survey showed that 10 percent of respondents said the sales volumes were up in August compared with the same period one year earlier, while 58 percent reported down, giving a balance of negative 49 percent.
Meanwhile, orders slumped at the sharpest rate since December 2008, with 10 percent of respondents showing an increase and 67 percent reporting a decrease, bringing a balance of negative 57 percent.
In terms of the business outlook over the next three months, 2 percent of respondents expected the business situation would be better, while 27 percent predicted worse, sending a balance of negative 25 percent.
Anna Leach, deputy chief economist in CBI , said:"sentiment is crumbling among retailers, and unexpectedly weak sales have led to a large overhang of stocks."
"With investment intentions for the year ahead and employment down, retailers expect a chilly few months ahead,"Leach said.
"It is unsurprising that business confidence has deteriorated sharply, with a potential no-deal Brexit on the horizon, "said Leach, adding that "businesses will be looking for government action at the Budget in the coming months to alleviate some of these pressures."
