UK RETAIL SALES GROWTH FELL SHARPLY AFTER THE REFERENDUM

The British Retail Consortium (BRC) has reported that annual sales growth fell from +0.5% in May to -0.5% in June in the run up to the vote (HERE).   Research constancy Capital Economics said we will have to wait a bit longer before a clear picture of the referendum’s impact on the sector emerges.

“June’s BRC sales data – which cover the days both before and immediately after the EU referendum – show the retail sector faltering,” it said. “But as both surveys cover only the especially-turbulent few days after the vote, we are wary of reading too much into them. We will have to wait until late July for the first surveys covering more than just the few days after the referendum.”