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."
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
