current affairs

Retail sales soared in July despite Brexit vote

According to recent reports, despite voting to leave the EU, there has been no effects of Brexit on retail sales. In fact this year, retailers sold more than this time last year, which could be due to the warmer weather that we’ve been experiencing. In total, sales have been increased by 1.9% according to reports from the British Retail Consortium, and from the latest survey carried out by KPMG.

This has come after it was suggested that retail sales would hit a slump if Brexit went ahead. 

Barclaycard also carried out a survey which suggested that spending overall had slowed due to people tightening their belts in fear that things could change in the future, however they reported that people were spending more in restaurants, pubs and on other entertainment. Barclaycard believe that the increase in sales in these areas is due to the fact that people have been out enjoying the sunshine rather than because they do not feel affected by the Brexit vote.

The managing director of Barclaycard said it was too early to be able to tell or not whether a pattern is emerging in terms of spending after the referendum.