The Confederation of British Industry (CBI) released its retail sales balance data on Wednesday. The CBI retail sales balance plunged to +10% in February from +16% in January. It was the lowest level since May 2013.

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

"Overall, conditions remain challenging for retailers. Although sales have continued to grow and optimism has risen, expectations for sales growth are lacklustre and retailers are still wary of investing," CBI Director of Economics, Rain Newton-Smith, said.