Commenting on today’s ONS Retail Sales figures, Euan Murray, Relationship Director for Barclays in Scotland, said: “An excellent result for retailers in October, once again defying gloomier predictions with the tills continuing to ring. More seasonal weather provided a timely fillip for fashion retailers, but it’s the strength across the board that really demonstrates the resilience of the industry.

Inflation is the buzzword on everyone’s lips at the moment, yet these results show that so far retailers are largely resisting price increases. That’s going to be the crucial dilemma as we move into 2017. Rising costs for retailers are a growing reality, and the extent to which they swallow these costs or pass them onto customers is the big question. Retailers are clearly thinking long and hard before making a decision on price, as getting the balance right to ensure margins are protected but demand isn’t stifled is essential if retailers are going to carry this month’s success into next year.”