British Retail Sales up by 0.7% in June
Retail Sales in Britain for June were released a lot better than May's results. June's retail sales came out at 0.7%, rather than the expected 0.5%; nicely coming back after May's 1.3% drop.
As reported by the Office of National Stastistics, the value of retail sales in June 2011 compared to June 2010 saw an increase of 4%.
Public Sector Net Borrowing was released at 12 billion Pounds in June, a little above the 11.8 billion Pounds forecasted. This release measures the difference in value between spending and income for public corporations, the central government and local government during the previous month.
Sterling rose against the Greenback as soon as the positive retail sales new came out. From 1.60 before the news, the pair rose to 1.6184 after the news. The pair then dropped lower to 1.6135
