All eyes are this week on how the big retailers fared over Christmas. And at a time when online sales are eclipsing those transacted in physical stores, it was perhaps no surprise Joules had a strong digital performance to thank for festive sales surging by 12 per cent.

The group, known for its bright wellies and outdoor clothing, said today that online trade accounted for almost half of total retail sales in the seven weeks to January 7 thanks to purchases through its website and concession partners.

Shares in the firm closed up 5.5 per cent, or 13.5p, at 258p after its Christmas trading update.

Footasylum warned over pressure on full-year earnings after it slashed prices amid heavy discounting on the high street.


Shares in the chain plunged more than 15% after it said it now expects full-year underlying earnings to be towards the lower end of forecasts, as profit margins were hit by steep discounting over the festive season.

Elsewhere in retail, it was a record Christmas for UK supermarkets despite the well-documented pressures facing the retail sector. Shoppers spent £29.3 billion on groceries in the 12 weeks to December 30, £450 million more than last time, according to Kantar Worldpanel.

However, Kantar said sector growth was slower overall amid, citing lower inflation of 1.3%.

Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, said: “This slower inflation rate helped shoppers to manage their festive budgets, with 60% of customers looking to make savvier decisions to make their money go further over the holidays."

Most central banks do not expect to issue a digital currency within the next decade as they take a cautious approach to electronic money.

While central banks are looking at the implications of a digital currency, they are still to be convinced by the benefits, According to a report by the Bank of International Settlements (BIS),

The BIS said: "Most central banks appear to have clarified the challenges of launching a CBDC (central bank digital currency) but they are not yet convinced that the benefits will outweigh the costs" and those that do see benefits are predominantly from emerging markets.

Basel-based BIS surveyed 63 global central banks - including the Bank of England - which collectively represent close to 80% of the world's population and more than 90% of its economic output.