Debenhams slashes prices

Department store group Debenhams is cutting prices by up to 25 per cent, in a sign retailers are increasingly nervous about the outlook for consumer spending. Debenhams said yesterday it was lowering prices on "tens of thousands" of goods now in a bid to attract wary shoppers, rather than waiting to use discounting as a way of clearing stock at the end of the season. "Many remain cautious due to the continuing, challenging economic climate following spending cuts and the 'will we, won't we?' double-dip recession debate," it said.

Retail sales values rose one per cent year-on-year in August, an industry survey found.