June 19, 2008British retail sales soar in May
by Kay Murchie

Consumers have shrugged off the current economic climate and rushed out to the shops after a record level of retail spending was recorded last month.

Figures from the Office for National Statistics showed that British

retail sales soared in May, increasing at the fastest pace of growth since the series began in 1986. The news has stunned economists and has heightened fears that UK interest rates will rise from their current level of 5%.

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