08.00 BRC Retail Sales Data Gives GBP A Positive Start To The Day

The BRC Retail Sales data was released early this morning and showed positive signs about the state of British retail. 

The BRC said the total value of retail sales rose by an annual 2.9 percent in June, slightly slower than the 3.4 percent rise recorded in May but close to the average pace of growth so far this year.

Like-for-like sales, a measure favoured by company analysts which strips out changes in stores' floorspace, grew 1.4 percent last month after a 1.8 percent increase in May.

"This is another respectable performance by UK retailers," said David McCorquodale, head of retail at accountants KPMG, which sponsors the survey.

"Sales are moving in the right direction, albeit hard-earned and promotion driven," he added.