The Confederation of British Industry released its retail sales balance data on Thursday. The CBI retail sales balance climbed to 18% in March from 1% in February, missing expectations for an increase to 20%.

The CBI director of economics, Rain Newton-Smith, said that he expects "growth to continue through Easter". "The outlook ahead is looking bright, with household incomes buoyed by zero inflation and improving pay packets, which will continue to encourage spending," he added.

Sales expectations for next month declined to +21% from +27% in March, the lowest level since February 2014.