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.
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