GBP

The Pound received a welcome boost yesterday after figures revealed UK retail sales increased by 0.7% in July, above expectations. The Office for Nation Statistics said: “Many consumers stayed away from some High Street stores in July, but online sales were very strong, supported by several retailers launching promotions.” “Food sales remained robust as people continued to enjoy the World Cup and the sunshine.” Sales growth comes despite continuing pressures on High Street stores and weakened household spending power as pay growth struggles to outpace inflation.

A majority of Britons do not trust banks and think they did not face severe enough penalties for their part in the 2008 financial crisis, a survey showed yesterday.Next month will mark the tenth anniversary of the collapse of investment bank Lehman Brothers, as a bubble in the United States sub-prime mortgage market burst. The poll of 2,250 adults by YouGov on behalf of campaign group Positive Money underlines the extent to which banks still have to work to rebuild public trust, despite years of restructuring and paying fines and compensation for misbehaviour. The survey found 66 percent of adults in Britain do not trust banks to work in the best interests of society.

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