"The latest UK retail sales figures are pretty good - as much for the upward revisions to past months as for July's figure, " said Vicky Redwood at Capital Economics.

BBC: Retail sales rise points to stronger UK economy

Vicky Redwood, UK economist at Capital Economics said the recovery still faced "significant obstacles ahead, with households still experiencing falling real pay and policymakers still struggling to get bank lending to rise".

BBC: UK economy avoids triple-dip recession

"The report both endorses market expectations that rates will stay on hold for the foreseeable future and suggests that more policy loosening will yet be needed, " said Vicky Redwood, chief UK economist at Capital Economics.

BBC: Bank of England sees 'worsened' economic outlook

Taking all three surveys together, they point to GDP declining by 0.8% or 0.9% in the fourth quarter, an even bigger contraction than the 0.5% fall in the third, according to Vicky Redwood of Capital Economics, a consultancy.

ECONOMIST: The banking crisis is blunting the effect of rate cuts

Vicky Redwood, an analyst with Capital Economics, agrees that the housing market is the main reason for the spending slowdown, but thinks that rises in council tax and National Insurance rates have done more to impoverish shoppers than rising interest rates.

ECONOMIST: Things go from bad to worse in retailing