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UK Consumer Spending Rebounds as Sun Comes Out

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British shoppers set aside their concerns about fast-rising inflation following the Brexit vote and stepped up spending last month at the fastest rate in years, encouraged by fine weather, official data showed.

The unexpectedly strong figures suggest that – at least temporarily – consumers’ mood has become more upbeat in the run-up to a June 8 national election that Prime Minister Theresa May’s ruling Conservatives are tipped to win by a wide margin.

Retail sales volumes jumped by 2.3 percent on the month in April, the Office for National Statistics said on Thursday, beating the median forecast for a 1.0 percent rise in a Reuters poll of economists.

Reuters

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Craig Erlam

Craig Erlam

Former 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.
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