Retail sales plummet
Created: Dec 18, 2008 10:00 AM
LONDON (Reuters) - British retail sales fell at their fastest annual pace in at least a quarter of a century in early December as the key Christmas season got off to a dismal start, a survey indicated yesterday. The Confederation of British Industry's distributive trades survey balance fell to -55, the lowest since the series began in 1983, from -46 in November. Analysts had predicted a reading of -41. "The survey suggests that the huge price cuts seen on the high street have failed to tempt cash-strapped shoppers to part with their cash," said economist Vicky Redwood.