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Andy Clarke, chairman of the Confederation of British Industry's (CBI) distributive trades panel and retail director of Asda, said that British consumers are facing pressures on their budgets, while also fearing for the safety of their jobs.
He added: "The sector looks set to endure a very challenging run-up to Christmas. We are hoping the recent drop in interest rates will cut consumers and business some slack as it feeds through to the wider economy."
Retailers have endured worsening business conditions lately as shoppers have tightened their belts, reports the Guardian.
Despite the chilly outlook in the retail sector, new figures from the CBI show that sales on the high street slowed less than had been previously expected.
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