UK retail sales fell sharply in May

U.K. shoppers pulled back on spending in May, with retail sales down 2.7% on the month, the steepest drop since December 2023, according to Office for National Statistics. Economists polled by Reuters expected a 0.5% decline.

It breaks a run of four straight monthly rises, which was the best streak since 2020, with retailers saying sunny weather in April helped to lift sales growth to 1.3%.

Shoppers cross Oxford Circus in Westminster, on 12th June 2025, in London, England.

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Here are the opening calls

City of London skyline with 20 Fenchurch Street, affectionately nicknamed the Walkie Talkie, in London, United Kingdom.

Mike Kemp | In Pictures | Getty Images

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Spot gold

The bullion — which is considered a hedge against political and financial instability — has risen 31.2% since the start of the year, according to LSEG data.

— Amala Balakrishner