Retail Sales Fall As Brexit Uncertainty Weighs On Consumers

by MR Magazine Staff

UK retail sales fell in March at the fastest rate for more than a year, as Britain’s mounting political crisis over Brexit weighed on consumers’ willingness to spend, according to a survey of major retailers. The latest figures from the Confederation of British Industry, covering high street firms responsible for a third of employment in retailing, showed that retail sales slid in March by the most since October 2017. The business lobby group’s monthly retail sales index plunged to -18% in March from a level of 0% in February – meaning more retailers reported a slump in sales than reported an increase. City economists had expected a reading of +5%. Anna Leach, the head of economic intelligence at the CBI, said: “While real wage growth is picking up, consumer confidence has been hit by escalating uncertainty over Brexit and concern over the economy’s future. Read more at The Guardian.