The Confederation of British Industry (CBI) released its retail sales balance data on Wednesday. The CBI retail sales balance plunged to -13% in April from +7% in March, missing expectations for a rise to +12%. It was the fastest pace since January 2012.

The decline was driven by drops in department stores and the clothing sales.

Sales are expected to rebound next month, while orders are expected to fall.

"Cold weather put a chill in sales of spring and summer ranges with a reported dip in retail sales in the year to April, but with the near-term outlook for household spending holding up the sector expects a modest rise in sales next month," CBI Director of Economics, Rain Newton-Smith, said.