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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