By William L. Watts
LONDON (MarketWatch) -- British retail sales jumped 1.9% in January after a downwardly revised 1.4% December decline, the Office for National Statistics reported Friday. Compared to the January 2010, sales were up 5.3%. Economists had forecast a 0.5% monthly rise and a 4.2% year-on-year gain. The ONS had initially estimated a 0.8% monthly fall in December. The agency said the monthly pattern of retail sales was affected by "extremely bad weather" in both January 2010 and December 2010, as well as changes to the value-added tax rate in 2010 and 2011. VAT rose from 15% to 17.5% on Jan. 1, 2010, and from 17.5% to 20% on Jan. 4 of this year.
