Retail sales volumes in October fell to their lowest level since February 2021, as retailers blame cost of living, reduced footfall and wet weather
Elsewhere this morning, lender Nationwide has reported a rise in mortgage borrowers falling into arrears.
In its latest half-year report, Nationwide says that 0.38% of its residential mortgage accounts were at least three months in arrears at the end of September.
Arrears levels have increased slightly but remain low; however higher interest rates, continued inflationary pressures and the uncertain economic outlook remain key risks.
Encouragingly, economic activity, while still weak by historical standards, has held up better than expected, and there are signs that cost of living pressures are starting to ease.
However, conditions for households are likely to remain challenging in the near term, as the effect of previous interest rate increases feeds through and labour market conditions soften.
As more households adjust their expenditure priorities in the higher interest rate environment, we will continue to support those borrowers who face payment difficulties.
