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The Independent UK
The Independent UK
Business
Ben Chu

Brexit: Retail jump in July despite EU referendum result

There was no sign of British shoppers reining in spending in the wake of the EU referendum result, the first "hard" post Brexit vote statistics have shown.

 

Retail sales jumped 1.4 per cent in July, more than reversing the 0.9 per cent decline in June.

City of London economists had expected only a 0.2 per cent increase in the month as shoppers held back because the Brexit uncertainty.

No Brexit effect yet

 

Joe Grice, the chief economic adviser to the ONS, said the numbers were "strong" and said there were signs the steep fall in sterling since the 23 June referendum had attracted overseas shoppers.

"There is...anecdotal evidence from respondents suggesting the weaker pound has encouraged overseas visitors to spend. Department stores and specialist retailers like jewellers are among those reporting a good month” he said.

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