Economics
Heatwave Boosts U.K. Retailers But Concerns Mount Over Rate Hike
- Barclaycard reports strongest three months since at least 2014
- But heat and soccer offer only temporary relief, reports find
Pedestrians cross the road near Cannon Street Station in London, U.K., on July 6, 2018.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
The sweltering summer drove Britons to splurge on food, drink and days away but the boost to retailers may prove short-lived, with higher interest rates expected to hit already fragile consumer confidence, surveys published Tuesday found.
Payments processor Barclaycard said that spending rose an annual 5 percent in July, capping the strongest three-month period since it started measuring the data in 2014. Spending was also lifted by the England soccer team’s best World Cup run for 28 years.