The Confederation of British Industry (CBI) released its retail sales balance data on Thursday. The CBI retail sales balance declined to +7% in March from +10% in February, missing expectations for a rise to +15%.

Sales are expected to rise next month, while orders are expected to be flat.

"Retailers are still face challenging global conditions but will welcome the Chancellor's Budget reforms to business rates, making it easier for them to operate on the high street. Continued low levels of inflation and more jobs will continue to boost household spending, also giving a helping hand to firms," CBI Director of Economics, Rain Newton-Smith, said.