September’s 0.3% m/m rise in retail sales volumes was stronger than expected (consensus forecast -0.3% m/m, CE -0.5% m/m) and suggests that while households may be concerned about possible tax rises in the Budget on 30th October, those fears are not feeding through to their spending decisions yet. And even though tax rises will weigh on real incomes, we still expect retail activity to continue to recover.
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