CONSUMER SPENDING

Alastair Heath in The Telegraph has said (HERE) that "Commentators and economists are poor at understanding the relationship between consumer behaviour and big political events at the best of times; after the referendum, a shell-shocked pro-Remain City appears to have got it especially wrong" adding, "The risk in the immediate aftermath of the Brexit vote was never consumer spending".

Now have a look at this (HERE) in The Independent.  Four charts show how consumer spending patterns closely follow the fortunes of the pound and consumer confidence.  The pound is well down on pre-Brexit figures and consumer confidence has also fallen sharply.  We'll see what happens to spending later - and perhaps remind Mr Heath what he said in July