The Confederation of British Industry (CBI) released its retail sales balance data on Thursday. The CBI retail sales balance plunged to +16% in January from +19% in November.

Sales growth is expected to slow next month, while orders are expected to decline.

"Retailers have had a steady start to the year through the January sales period. However with competition remaining fierce and persistent price deflation in the sector, it's not surprising the outlook for retailers in February looks subdued," CBI Director of Economics, Rain Newton-Smith, said.