British retailers have cut the most jobs since the depths of the financial crisis and expect the pace of losses to accelerate, the Confederation of British Industry (CBI) said, adding to warning signs of an expected sharp rise in unemployment. Well-known British retailers Marks & Spencer, Debenhams and WH Smith have announced job losses in recent weeks, reflecting a shift in demand to online sales during the pandemic. Figures last week showed the volume of retail sales rose above pre-pandemic levels in July. "However, the weaker-than-expected August CBI survey is a reminder that there is considerable uncertainty as to just how willing and able consumers will be to spend beyond the third quarter," he said. The CBI survey was based on responses from 63 retail chains collected between July 28 and August 14.

Source: dna August 25, 2020 11:15 UTC