UK retail sales fell more than expected in April amid war-related uncertainties and pressure from tax regulation

Golden Ten Data, May 22 – Official data released on Friday showed that the UK’s seasonally adjusted retail sales fell by 1.3% month-on-month in April. Against the backdrop of the Iran war and rising energy costs, most surveyed economists had expected this figure to decline by 0.6%. Compared to the same period last year, retail sales remained flat, while economists had expected growth of 1.3%. A survey released earlier on Friday indicated that low consumer confidence in May has only slightly improved, and households’ willingness to purchase major goods is at its lowest level in nearly a year and a half. Major UK retailers reported that uncertainty from the impact of the Iran war is putting pressure on their businesses and customers. They also said that higher taxes and increased regulation are hindering them. Some companies are bucking the trend. Fashion retailer Next reported better-than-expected first-quarter sales, while electronics retailer Currys slightly raised its profit outlook.