UK Retail Spending Rebounds in July by Most in Six Months – BRC

British retail spending bounced back in July as sales promotions and good weather outweighed any immediate concern about the consequences of Britain’s decision to leave the European Union, a survey showed on Tuesday.

Retail spending in July was 1.9 percent higher than a year earlier, the biggest rise in six months and up sharply from 0.2 percent growth in June, when bad weather added to uncertainty around June 23’s referendum, the British Retail Consortium said.

On a like-for-like basis – a measure which strips out changes in floorspace and corresponds more closely with retailers’ results – sales were up 1.1 percent on the year in July, compared with a 0.5 percent dip in June.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.