UK consumer spending at weakest since mid-90s - BRC
|Average sales growth at British retailers was slowest on record in June as Brexit uncertainty forced consumers to tighten their purse strings, a survey by the British Retail Consortium, an industry group, showed on Tuesday.
Average sales growth weakened to 0.6% in the 12 months to June, the slowest since it began its records in 1995, according to Reuters.
Retailers also recorded their biggest annualized fall for June on record - down 1.3%.
Comments by BRC Chief Executive Helen Dickinson
"Overall, the picture is bleak: rising real wages have failed to translate into higher spending as ongoing Brexit uncertainty led consumers to put off non-essential purchases."
"The continued risk of a no-deal Brexit is harming consumer confidence and forcing retailers to spend hundreds of millions of pounds putting in place mitigations."
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