The Office for National Statistics has published May retail sales figures showing that British consumers are still holding back when it comes to spending. The British Retail Consortium (BRC) reckons that the retail sector will see another tough couple of months.

Richard Lim, BRC Economist, commented:

“After the feelgood boost of April, which saw retailers benefiting from sunny weather and bank holidays, May was a return to reality. Consumers are overwhelmingly cautious about their personal finances and are reluctant to spend, particularly on big ticket items. Uncomfortably high levels of inflation and low wage growth continue to squeeze households' disposable income while job security remains a key concern.”