Britain’s high streets face another tough year as spending remains weak

The CBI’s latest look at the high street shows a sharp fall in sales volumes in January with scant sign of a post-Covid spending boost, writes James Moore

Shoppers are out and about... but they aren’t spending big (PA)

Britain’s consumer economy is still awaiting the “latent spending power” built up during the pandemic.

Panmure’s Simon French noted last month that while savings rates have reverted to pre-pandemic levels, the substantial stock of savings accrued during successive lockdowns remained “largely intact”.

That’s the power. There just isn’t much sign of it being released. At least, not yet.