UK retailers see best sales in 6 months as Brexit slump fades
Warm weather and higher demand from foreigners, emboldened by a cheaper pound, help boost figures
British retailers reported their strongest sales in six months in August, recovering much of an initial slump after Britain’s vote to leave the European Union, industry figures showed on Thursday.
The Confederation of British Industry said its retail sales volume index rose to +9, its highest since February, from -14 in July. Sales in September were expected to moderate. The expected sales index was +3 for next month, up from -12 in August.
“The summer weather has brought shoppers out onto the high street with retailers reporting that sales growth has risen, outdoing expectations, although firms do expect sales growth to ease next month,” Anna Leach, CBI Head of Economic Analysis and Surveys, said.
The release was in keeping with recent data showing consumers largely shrugged off the Brexit result, helped by warm weather and higher demand from foreigners, emboldened by a cheaper pound.