Poll Sees UK Consumer Spending Slowing

British consumers will be cautious about spending this year as inflation soars, but the country will avoid recession as the Bank of England is expected to maintain its ultra-easy policy stance, a Reuters poll found.

Britons shocked the world in June when they voted to leave the European Union, a decision that wiped as much as 20 percent off sterling’s value while the uncertainty around the divorce has hit business investment and confidence.

Prime Minister Theresa May said on Tuesday that Britain will leave the EU’s single market, putting an end to speculation that it might try to seek a “soft Brexit”.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.