A CLEARER picture of the winners and losers on the high street should emerge this week, with the announcement of more retail trading updates.

The minutes of the Bank of England's interest rate meeting will attract attention on Wednesday.

The vote had been seen as a close call, with the Bank's Monetary Policy Committee (MPC) faced with worrying data on the economy and upward inflation fears.

Its decision to hold rates at 5.5 per cent appeared to ignore pleas from retailers, as trading figures revealed the start of a spending slowdown.

But economists are predicting that the decision may not have been as tight as first thought, with the consensus forecasting a seven to two vote in favour of a hold. This comes after a unanimous decision to cut rates last month by a quarter point.

The MPC is widely expected to move rates down next month, amid signs that the services and retail sectors are beginning to struggle. However, record petrol prices, higher food costs and the recent energy bill increases will put upward pressure on inflation, leaving the Bank with little room to move.

Great things are expected from supermarket Morrisons, when it reports Christmas trading figures tomorrow. Market share figures earlier this month revealed the chain had stolen ground from its closest rivals.

Britain's fourth largest supermarket enjoyed the biggest market share growth, up from 11 per cent last year to 11.4 per cent, according to monthly research from TNS Worldpanel. Tesco's figures confirmed as much, with below forecast sales growth of 3.1 per cent for the six weeks to January 5.

While Sainsbury's fared better, with a 3.7 per cent rise in like-for-like sales, and Waitrose delivered 4.1 per cent growth, Morrisons is expected to outdo them all with an impressive seven per cent, excluding fuel, in the six weeks to January 6, according to analysts.

Analysts have described last year as a comedy of errors'' for troubled retailer Sports Direct International. The group had a pitiful inaugural year on the stock market after its flotation last February, having been dogged by poor trading and an acrimonious relationship with the City.

The Sports World owner unveiled a near-70 per cent fall in interim profits, at £21.2m.

The firm, headed by Newcastle United owner Mike Ashley, is due to make a statement on profits today.

JD Wetherspoon's cautious comments ahead of the festive season are likely to be realised when the pub chain releases a trading update tomorrow.

Rivals Punch Taverns and Enterprise Inns have already given a flavour of the tough conditions faced by the sector, with weak consumer confidence adding to the pressure caused by the smoking ban in England.

Wetherspoon's last update, in October, showed a one per cent fall in like-for-like sales in the 13 weeks to October 28, while profit margins declined 0.6 per cent due to an increase in lower-margin food sales in some of its pubs.

Wetherspoon's reported a six per cent rise in pre-tax profits to £62m in the year to July 29, with like-for-like sales up 5.6 per cent during the period, buoyed by growing food sales.

Despite that improvement, Wetherspoon's has been consistent in its guidance that this financial year will be tougher, despite being well prepared for legislation with its early adoption of smoke-free pubs.