Brexit Means Little to British Consumers When the Sun Is Shining
- Retail sales surge 1.4% in best July performance since 2002
- Slide in sterling after Brexit prompted watch, jewelry spree
Why Economists Aren't Too Hot on Retail Sales Data
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The U.K. consumer is looking strong for now, shrugging off any Brexit anxiety to enjoy the biggest summer splurge in 14 years.
The unexpected 1.4 percent increase in July retail sales reported on Thursday was the best for that month since 2002. It tallies with an industry survey this month showing that warmer weather boosted purchases of summer clothing, food and barbecues. Kingfisher Plc, Europe’s largest home-improvement retailer, said that while the vote to leave the European Union created economic uncertainty, there’s “no clear evidence of an impact on demand.”