UK Retail Sales Suffer Biggest Fall in Six Months, No EU Effect Reported

July 21, 2016 Share Print 0

British retail sales suffered their sharpest monthly fall in six months in June, with officials citing poor weather hurting clothing sales rather than any impact from the vote to leave the European Union.

Retailers had not reported any anecdotal evidence of the unexpected result of the June 23 referendum affecting sales during the five-week period which ended July 5, the Office for National Statistics said.

While department stores got a boost from sales around the Euro 2016 soccer tournament and Queen Elizabeth’s 90th birthday, clothing stores suffered another poor month after unusually changeable weather.

Reuters

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.