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 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.
Craig Erlam