Currency exchange 'boosts London retail'

Currency exchange rates for the pound have boosted retail sales in London, recent figures from the British Retail Consortium (BRC) - KPMG London Retail Sales Monitor have suggested.

The capital saw sales in June rise by 14.4 per cent on a like-for-like basis compared with last year.

This afternoon (July 20th) the pound bought �1.18 at 15:30 BST. Against the dollar, sterling bought $1.52.

Shoppers from western Europe, the Middle East and China appeared to be particularly drawn by the currency exchange rate on sterling.

Stephen Robertson, director-general at the BRC, commented: "Customers in the capital are less pessimistic than the rest of the UK and significantly less so than this time last year.

"The weak pound is still attracting tourists. Clearance sales were another major factor. Many were earlier so new season ranges were ready for Middle Eastern visitors before they return home for an earlier Ramadan."

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Posted by Eleanor Ward