UK retail sales flat-line, consumers stockpile food for Brexit, surveys show. Read more:
LONDON - British retailers saw their sales flat-line in August as shoppers cut back on non-essentials and some households stockpiled food ahead of Brexit, surveys showed on Tuesday.Annual total sales growth fell to zero from the weakest July rise on record of 0.3%, the British Retail Consortium, which groups major high-street chains and supermarkets, said.
Britain’s consumers have propped up Britain’s economy since the 2016 Brexit referendum, helping to offset cuts to investment spending by companies. But economists say recent signs of a weakening in spending by households raise the risk of a recession as the country prepares to leave the European Union.
Spending at discount stores bucked the trend and rose by 8.0%, a sign of the cautious mood of many consumers.
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