Key facts
- UK retail sales increased by 1.2% in May.
- Retail sales surpassed forecasts of 0.5% growth.
- Warmer weather and retailer promotions boosted sales.
- Data for previous months' retail sales was revised upward.
- UK government borrowing reached £23.2bn in May.
- Government borrowing exceeded the £19bn forecast.
- May saw record debt interest costs.
- The borrowing figures signal a greater need for government funding.
UK retail sales experienced a stronger-than-expected rebound in May, with volumes increasing by 1.2%. This figure surpassed analyst and economist expectations of 0.5% growth. The positive trend is attributed to record hot weather, strong online sales, and retailer promotions, which helped sales recover from a dip in April. Data for previous months was also revised upward, suggesting a potential boost for the broader UK economy and indicating consumer resilience despite ongoing inflation concerns.