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UK retailers see only slight slowdown after strong summer - CBI

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UK retailers see only slight slowdown after strong summer - CBI
Shoppers walk past House of Fraser on Oxford Street in central London, Britain, April 2, 2018. REUTERS/Hannah McKay   -   Copyright  HANNAH MCKAY(Reuters)
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LONDON (Reuters) – - British retail sales growth slowed in September after a booming summer but remained strong, a survey showed on Wednesday, adding to signs that Britain’s consumers are not cutting back sharply on their spending as Brexit nears.

The Confederation of British Industry’s (CBI) monthly retail sales gauge fell back to +23 from +29 in August. A Reuters poll of economists had pointed to a bigger fall to +16.

Spending by consumers has helped to offset a broader slowing in Britain’s economy since the 2016 Brexit vote.

“As we head into autumn, retailers have seen the run of decent sales figures continue,” Anna Leach, the CBI’s head of economic intelligence, said.

“But underlying conditions are clearly tougher, with the sector facing significant challenges – from squeezed household incomes, changing consumer habits to digital disruption.”

Retailers said they expected a further slight slowdown in sales in October, the CBI said.

(Writing by William Schomberg; Editing by Paul Sandle)

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