UK Retail - comment

October inflation has come down to 4.6% spilling water on Sunak’s mills. The move is not entirely unexpected, but nonetheless positive for UK retail. We have been quite constructive on a number of UK retail names and think that more than one are worth picking up here. With household debt running particularly high in the UK and elections looming in Westminster, the PM and the Bank of England are highly incentivised to bring down inflation - and rates sooner than what we see in other countries.