- Posted by currencies in Bank of England, Bremain, Brexit, Currency, Dollar, Economy, EUR, GBP, Inflation, Mark Carney, Prime Minister, Retail Sales, Sterling, UK, Uncategorised
- May 18, 2017
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British shoppers set aside their concerns about fast-rising inflation following last year’s Brexit vote and unexpectedly stepped up spending at the fastest rate in years, helped by fine weather, official data showed this morning.
The figures suggest that – at least temporarily – consumers’ mood has become more upbeat in the run-up to a national election called for June 8 by Prime Minister Theresa May.
Retail sales volumes jumped by 2.3 percent on the month in April – beating economists’ average forecast of a 1.0 percent rise – after a sharp 1.4 percent fall in March that ended the weakest calendar quarter since 2010.
Looking at the value of retail spending – which adds in the extra amount shoppers spend because of higher inflation – sales in the three months to April were up 6.2 percent on a year earlier, the biggest rise in 15 years.
This data has had a positive impact on Sterling sending the cable over 1.30