UK retailers’ sales volumes in February have been flat compared with a year earlier, while their investment intentions are at their weakest since 2012, a survey shows.

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The Confederation of British Industry survey shows sales volumes have failed to show year-on-year growth for two straight months.

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Anna Leach, CBI head of economic intelligence, said: “The high street has seen a slow start to the year. Although real earnings growth is higher, consumer confidence has been ebbing away.

“Retail investment plans have taken a hit this quarter. Until politicians can agree a deal that commands a majority in Parliament, is acceptable to the EU and protects our economy, business despair will deepen.”

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