Retailers brace for lean Christmas

Retailers are bracing for a tough Christmas period after two reports warned that customers will tighten their belts. The monthly snapshot of spending by Barclaycard, which accounts for half of debit and credit card transactions, found that 50% of consumers were planning to cut back on presents, food and drink, and socialising. The British Retail Consortium, which has called for a business rates freeze, said rising sales figures were in fact an illusion. The monthly BRC-KPMG sales monitor found a 1.6% rise in the value of goods sold in stores and online was actually a large drop in spending once inflation was taken into account. The Guardian (£)