Retail profits rise 1.9% in January

High street spending bounced back strongly in January following December's snow chaos, with retail sales growing at nearly three times the forecast rate last month.

Sales volumes jumped 1.9% at the start of the year from December, the biggest monthly gain since February last year, the Office for National Statistics said this morning. At the same time, December's drop was revised sharply lower to 1.4% from 0.8%.