The Confederation of British Industry (CBI) released its retail sales balance data on Thursday. The CBI retail sales balance plunged to +19% in October from +49% in September.

Sales expectations for next month were down to +24% in October from +51% in September.

"Low inflation and improving wages mean the prospects for sales growth are decent, but challenges remain, like the weakening global economy and competitive pressures in the retail sector, so we can't take this positive outlook for granted," CBI Director of Economics, Rain Newton-Smith, said.