BUSINESS LIVE: Retail gross sales up 1% in August

More than 250,000 children aged 13 to 16 own cryptocurrencies, the city watchdog has warned.

Financial Conduct Authority boss Nikhil Rathi sounded the alarm over increasing financial vulnerability among teenagers, with 8 per cent of 13- to 16-year-olds holding the high-risk asset.

Sainsbury’s is experimenting with a programme of 100 in-store refurbishments as part of plans to accelerate market growth and sales.

Market analysts recently visited a Sainsbury’s superstore in Cobham three months after the grocery giant completed a renovation of the outlet.

Shares in S4 Capital tumbled as the digital advertising agency warned that lower spending from tech clients would hit revenues.

The stock fell as much as 14 per cent in early trading before ending the day down 5.9 per cent or 2.7p to 42.3p.

Jacqui Baker, head of retail at RSM UK, comments on the latest retail sales figures:

Swifties, festival goers and BBQ enthusiasts boosted retail sales in August as the summer feeling finally kicked in and consumers could get out and about to enjoy some much-needed sunshine.

Bagging the perfect festival outfit or embracing the cowboy boots to get the full Eras tour experience boosted clothing; while summer get togethers and investing in sprucing up outdoor spaces drove food and household sales.

Despite improvements in the housing market, this is yet to filter through to consumers splashing out on big ticket items, but as interest rates track down later this year, we hope to see a revival in household goods as homeowners look to make their mark on their new pads.

Danni Hewson, head of financial analysis at AJ Bell, remarks on the latest UK retail sales figures

It’s no secret that people feel happier when the sun shines and that happiness tends to impact their spending habits.

Warm summer evenings are the perfect backdrop for a BBQ with friends and family, requiring a quick trip to the supermarket to stock up on burgers, buns and beer.

“Food sales provided a substantial boost to retailers in August with fragile consumer confidence enjoying a rate cut hug which offset some of the political messaging that’s since eroded some positivity.

“Ever since lockdowns blighted people’s lives, they have put experiences ahead of stuff and food often plays a vital role in creating those memorable events that will be cherished as nights draw in and summer excesses fade into memory.

Sterling surged to a two-and-a-half year high against the dollar after interest rates were left unchanged in the UK just hours after a jumbo cut in the US.

The Bank of England held its base rate at 5 per cent at noon yesterday as Governor Andrew Bailey insisted it must be ‘careful not to cut too fast or by too much’.

Rolls-Royce shares hit a record high yesterday as pressure mounted on Energy Secretary Ed Miliband to approve UK mini nuclear power stations.

The British engineering giant’s stock rose 5 per cent to 525p – taking gains since Tufan Erginbilgic became chief executive at the start of 2023 to 462 per cent – after it won a landmark contract in t

he Czech Republic.