As we said right from the beginning, the #Brexit flash panic was all for nothing. YOY (year on year) retail sales reports (below) confirm what we said – and that was until the UK agree an exit deal with the EU – the UK remain a member of the European Union and it will be business as usual.
Retail sales are a clear indicator of the health of a country’s economy and the Brits have no problems (at present) with spending.
United Kingdom Retail Sales| YOY | Data | August 2016
Retail Sales in the United Kingdom increased 5.90 percent in July of 2016 over the same month in the previous year. Retail Sales YoY in the United Kingdom averaged 2.60 percent from 1997 until 2016, reaching an all time high of 9.30 percent in April of 2002 and a record low of -4 percent in February of 2009. Retail Sales YoY in the United Kingdom is reported by the Office for National Statistics.
United Kingdom Retail Sales | MoM | August 2016
Retail sales in the United Kingdom rose 1.4 percent month-on-month in July 2016, following a 0.9 percent fall in June and beating market expectations of 0.2 percent gain. It was the first official figure on consumer demand since the June 23 referendum. Sales at non-specialized stores recorded the biggest gain (+3.9 percent), followed by textiles, clothing and footwear (+3.5 percent), food (+0.6 percent), and auto fuel (+0.6 percent).
Compared to the same month of the previous year, retail sales rose 5.9 percent, the biggest rise since September last year and far stronger than the 4.2 percent forecast. Retail Sales MoM in the United Kingdom averaged 0.23 percent from 1996 until 2016, reaching an all time high of 3.40 percent in December of 2013 and a record low of -3.60 percent in June of 2008. Retail Sales MoM in the United Kingdom is reported by the Office for National Statistics.
All seems calm for the British economy at present.