Good morning.
Retail sales are dropping at the fastest rate since Britain was in the clutches of lockdown as surging inflation and a deepening cost-of-living crisis force shoppers to tighten the purse strings.
Total sales fell 1pc in June, marking the third straight month of decline, according to the BRC and KPMG.
The figures aren’t adjusted for inflation, meaning there’s likely to be a much larger fall in the actual number of products being sold.
Food sales were up in the three months to the end of June, but non-food sales dropped 4.2pc as consumers cut back on discretionary items.
5 things to start your day
1) Euro tumbles to the brink of parity with the dollar over fears Putin will cut off gas The single currency fell to a fresh 20-year low against its US counterpart following the shutdown of Russia’s main gas pipeline to Germany.
2) The doomsday scenario of a winter without Russian gas Millions of jobs are at risk and gas rationing on the table if the Kremlin chokes off supplies.
3) Bank of England governor slaps down Tory leadership contender Andrew Bailey warns…
