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Analysts at TD Securities explained that GBP August retail sales (ex-fuel) surprised to the upside at +0.3% (mkt: -0.2%, TD: 0.0%) on the back of upward revisions.

Key Quotes:

“Sales were solid in the core ex-food measure (+1.2%) whereas food stores and clothing/footwear corrected.”

“Overall the August release indicates continued momentum into Q3 after the surge in spending in July, upholding our Q3 GDP tracking of 0.5%.”