Gloomy high streets

Retailers see no respite in November according to the CBI.

Malcolm Hyde, CBI South East Regional Director, said: "Shoppers face competing pressures on their wallets and are spooked by worries over job losses and the slowing economy.

"Retailers have had another tough month and, while there are some winners, the majority are suffering. The sector looks set to endure a very challenging run-up to Christmas.

"We are hoping the recent drop in interest rates will cut consumers and business some slack as it feeds through to the wider economy."

Responding to the CBI's Distributive Trades Survey, half of all retailers said that the volume of sales in the first half of October was down on last year, while only 23 per cent said they were up.